I don't know what the "cheater's reg" thing is about, but I used a THOR for quite a while on my Speed. It was a great thing, but about every other week it'd blow an oring on the inside. PMI gave me absolutely no help on it, so every time I just kept replacing orings. It really sucked.
You say you have a Pure Energy tank--PMI makes a low pressure kit for the PE tanks that is very easy to install and makes the tank run at ~450 psi. Works great, and it's fairly inexpensive.
That's my advice, anyway.