Hi,
I am no expert, just someone who has an interest in how things work and who owns two Impacts a Crown and a Bobcat.
First of all, is the gun a generation 1, 1.5 or Impact X? How to check? Gen 1 regulator piston is short and has 11 Bellville washers and regulator adjuster C37 has a pointed tip, 1.5 has longer reg piston (15mm I think), 16 washers and C37 is tipped with a dome, Impact X has long piston and 11 larger washers, C37 is domed and C36 is bigger in diameter, 10mm OD at the C39 contact surface.
The above is important as the o ring specifications have changed over time. The primary change has been the hardness of the o rings, BUNA 70 to BUNA 90 on part number C38 and C39, furthermore, on the Impact X, part C39 is now 10x1.5 BUNA 90 instead of 9x1.5 BUNA90. The parts are not interchangable, a Gen 1 Impact needs to have a Gen1 piston and adjuster. Gen1.5 and Impact X share the same piston and adjuster but have different washers and different C36.
The regulator breath hole is located between sealing surface C39, C35 and C33. The breath hole is required to create a pressure differential between the low and high-pressure sides and to help troubleshoot leaks. If air is dumping from the breath hole then one of the C 39,35 or 33 surfaces is not sealing.
Part C34 needs to be perfect, no scratches or holes on the face and no deformation or scratches on the cylinder part that contacts C35, use a magnifying glass to check, sometimes when removing C34 it can get damaged, I have messed up a few without much force. The leak you are describing seems to me to come from part C39 or from C 35/34 but could also be from part C33. If the hissing sound is high pitched sound then it's probably a high-pressure side leak C39 or C35, if it's a lower pitched sound then it is probably from the low-pressure side C33. I think that if the reg pressure is rising and then suddenly starts to leak from the breath hole then the low-pressure side is leaking as the pressure rises above the leak pressure of the o ring at that location, I have never had this issue, and I haven't heard of this happening so I am just trying to use my faulty logic to guess! I have had a leak from the breath hole but it has always been C39 for me...
You don't mention what version of gun you have so its difficult to tell if you have maybe put a smaller o ring (C39) into an Impact X? When removing C39 it is very easy to create a dent in the o ring groove, the sealing surface is the side of the groove closest to the bleed hole, use a bright light to check this surface, if it is scratched and not very deep then you could replace C39 with 9x1.5 BUNA70 and see if the softer o ring seals better, harder o orings deform less and are stronger but also require a perfect contact surfaces to seal, softer orings are less durable but can conform to scratches if they are not too deep.
I am friends with the local FX service center in my country, and had a chat with him a few weeks back regarding a Gen 1 impact that had a similar issue, long story short, he had to use a bore scope to inspect the C39 o ring groove, it had a very bad scratch in the groove not on the groove face, probably from removing the o ring, that caused the gun to leak from the breath hole, the only solution was to replace the complete receiver!