First of all you will notice that when the gun is tuned on the "plateau", which it likely would be with the original, unregulated, setup, there is a slight slope to the velocity as the tank pressure drops due to the output pressure of the regulator creeping.... This is common in most regulators, more severe in some designs than others, but is usually present, and the output may be 4-8% higher when the tank is full than when it is at the setpoint pressure.... Since the gun was tuned to peak at 2200-2400 psi, it is well down on the downslope of it's unregulated bell-curve, so small drops in pressure will (usually) cause the velocity to drop slightly.... Then when the tank pressure reaches the setpoint (in this case 1500 psi) the velocity starts to drop rapidly with decreasing tank pressure.... Remember, that since the efficiency is also low when the regulated gun is working up on the plateau, the shot count will suffer.... If the hammer strike is very high for the pressure, the chance of air-wasting hammer bounce is increased, and the gun becomes a real air-hog....