That would have the opposite effect on a CP reg - it's a gas-through-piston reg design, rather than a pin valve metered reg, so the adjustment is reversed. Turning the adjustment screw out on a CP reg would only increase the output pressure.
DiabloSlayer - did adjusting the screw in reduce the velocity at all? If not, it suggests that your regulator is no longer actually regulating the output pressure. This would most likely be down to dirt or damage to the end of the piston neck, or the seal on the end of the adjustment piston being dirty or damaged.