A new regulator is the least of your issues......you can pick one up from eBay or machine mart....
In order if importance.....
A hydraulic test of the receiver if you have doubts about it......
The relief valve, needs testing to make sure it goes at the correct pressure, which should be below the MWP of the receiver, around 120 psi ....
The pressure switch, should stop the pump at its set pressure....the setting needs to be below the relief valve setting....100psi.....would be ball park.....the differential on the switch doesn't want to be too wide or too narrow....if the switch is set to trip at 100, then 75-80 psi should be a decent value for resetting...
None of these figures are cast in stone, mainly dependant on the pump...but ought to be a start for you...obviously if you aren't going to use the compressor for anything serious and just for a bit of spraying, then the settings could be lowered if you have any doubts....

I'm sure mine will not be the only opinion expressed......
If you are up sure about anything shout up.....don't take risks....compressed air is just like any other compressed gas and can be just as dangerous, but you already know this....

If you have access to a megger, you could quickly zap the motor for a quick insulation test.....