There are some rubber components and seals inside a regulator, they may have dry rotted. You'll know when you connect one to a full tank...
That tank can probably be swapped out somewhere. They may or may not charge you for a hydro test, depending where you buy the new one from. I'd give it a good clean so it doesn't look as old, and call around for swapping it out.
My last tank was due for a hydro test, and I was able to swap it out for an almost brand new one at Praxair. I now keep swapping them, cost me about the same as a refill in this area, around $30 for 20#. That way there's no wait or the need to pick it up a few days later, or getting it tested every 5 years (~$25-30 each time).