Thanks for the help. I'll pull the regulator in the morning, and see what I can find. That is indeed frost that you see in the picture. When it dumped the propane out of the mixer it left frost everywhere.
The regulator is a model E, it does have some funky crap on it that you can see. I pulled the covers off, looks like accelerator pumps in there. There is a diagram of it on www.teecoproducts.com
Just go to carburetion, dig around and you should find a link for technical crap on Impco regulators. And they have a exploded diagram for the crap on mine. I just plugged the things.
Really need to get this pile running in the next couple of days. Little town I live in is having it's centennial, and I want to be able to drive it. Here's a pic of my pile.