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Purchased this for a 5lb tank I recently bought. Works perfectly fine with no problems. I would not advise using the hard white gaskets that are sent with the regulator. Use the rubber one that comes pre-installed, and only replace it with another rubber one. You can find them on eBay under 193996074224. Anything that builds up pressure, should only use rubber gaskets because they compress and create a better seal.
When I received this regulator, the high pressure gauge instantly went to 1000PSI. The low pressure gauge was at 0. And no matter how you turn the dial it would not increase . The needle valve would not depress. Quite annoying for such an expensive item .