air leak valve? reg? help pls

[dynastykiller08]

hi guys I have been having some problems with my MR2, i installed a dye hyper 2 reg and when gassed up it leaks like a mofo straight out the bottom relief hole/adjustment hole. now my plans are to just buy a new one (because i cant find a rebuild kit) < because i got it used and obviously broken on pbnation. anyways do you think this is the reg or could it be the valve? does anyone have a pic of how the valve should go in or maybe a detailed process of the install. does the trigger pin have to be removed when putting valve back in? which way does valve go in? and what way to face holes? thanks guys any help would be appreciated as i really dont want to sell this gun.