The first part is correct but the second part is wrong. There is a vent hole in the reg body that if you remove the spool and washers it would just leak out that hole. Now if you brazed that hole shut then you can do what you stated. The simplus thing would be to adj the reg so high it would be as though it wasn't there.
Vent hole can be plugged, on the reg , rather simple...
-Matt
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