Ok, do you have the stock springs in? Or have you changed the spring combo to something else?
I've got a new and an old T2. With the reg set at 350 the new one takes 2 or so turns and the older one is right at 3 1/2 turns on the IVG to get 280ish FPS. Do you have a pressure tester to the reg output? Both of mine are turned in about 3/16" to get 350 psi...
I'm curious what other feedback you'll get.