I wouldn't use WD-40 in a situation like that -- It's not a lube and it leaves behind a 'protective coating' that may gum up the works on a mechanical system.
You can build your own manometer to test and adjust the output pressure of the regulator:
http://www.rverscorner.com/manometer.html
Or you can just replace the regulator -- A two-stage LP regulator goes for about $20.