Refer to the System X NME manual for adjustment & service info for your reg http://paintballgunmanuals.com/manua...NME-Manual.pdf
. Be careful, the system x reg is capable of pressures exceeding 200 psi, and i'm not sure what the minimum pressure is on those things. The NME manual states that about 3 threads in, the reg is at about 220 psi, which is already too much for the Ion. It needs 180-190 psi, while not exceeding 200 psi.
I'd suggest getting a different reg, or putting the stock reg back on. That's problem #1.
Problem #2, the o-rings on the supafly may not be sealing properly. Check em, relube em, try again. Still leaks? See if the stock bolt o-rings will fit on the supafly, and try that. Still leaks? Need thicker o-rings. Part of the problem with some aftermarket bolts - trying to match tolerances with other aftermarket internals.