I had the ski out yesterday and the water regulator leaked like a sieve. Pulled it apart and did find what appeared to be a tiny hole in the bellows, but I think most of the water was coming out because of the missing o-ring. Still ran about the same way too. So, I went to the hardware store this morning and bought an o-ring that seems to fit well and also an o-ring that serves the purpose of the zip tie for the bottom of the bellows. Sealed the very tiny hole in the bellows with black RTV. Although it appears that the o-ring on the valve spool does not need to be there, I don't see any harm in having one there and frankly I don't see how you can keep it from leaking without it. Perhaps most of the valve spools fit tighter into the housing, that's why you have to use some force to pull them out. Mine was not a tight fit, but the o-ring seems to have solved that issue