Dry firing when low on pressure is a big no no with low pressure on it. It mushrooms the valve when the hammer hits it? You need back pressure to keep this from happening. Usually the air will leak out the barrel and empty the gun when it is damaged. It sounds like you don't have that issue though.
If the regulator leaked by, you would have generally have higher FPS. Now what power are you shooting on? Three I'm assuming? Now if your shooting on a lower setting and it is 885 maybe an reg leak by. If I recall I'm a lot lower FPS on two.
If the hammer is screwed in too far it will waste air. This makes me ask again what power level are you on?
Last question......... You noted the gauge on the pump and gun are the same. Hand pump right? If you used a bottle and filled too fast the bottle will heat as compressed. This would give you higher pressure until the gun's bottle cooled. Kind of a false full 230bar leaving you with lower starting pressure.