Below the magazine is the chamber containing the hammer spring and hammer. In front of that area is where the valve is but it should be sealed from the hammer spring area pretty well. The small steel shaft the valve is attached to is hit by the hammer and protrudes into this area for this purpose.
I would take the hammer spring adjuster all the way out, that requires removing the action from the stock (two screws). That will let the spring come out and you will be able to see clearly into that area. The hammer won't drop right out, you will have to take the screws out that hold the trigger group to the action off and then the hammer will come out too. None of this requires bleeding off the air. Seems like the area definitely needs to be examined.
Could it be water? Thick material is possibly silicone or regular grease. That should not be there in any significant quantity at least. Dry lubricant is recommended by most for the hammer. If it is gummed up maybe that is part of your issue but it wouldn't explain a regulator problem. Seems like something to look into and probably correct but not your biggest issue. I still think you have to degass and remove the regulator to solve a regulator that has apparently stopped working. That could be from an abundance of silicone grease in it but that grease should not be getting past the valve into the hammer spring area.