red31 wrote:
Minimally, adjustments can be made for less than ideal amounts of oxygen.
Ya recon a regulator like this is subjected to outside pressure?

Assuming that the black "knob" is an adjustable one, I'm going to answer this one with both a yes and no.
First the "no". The "first stage" regulation is via a small orifice which limits the amount of flow, the "second stage" regulation is via tapered needle which further limits flow. Basically, it works by limiting flow not pressure, but the end result is the same.
Now the yes answer. Physics dictates that the pressures must net out thereby the atmospheric pressure will diminish or increase the flow (to a very small degree).