Thanks for the idea Ed.
The clacking would also happen BEFORE the regulator. Back then, I was running the AB directly to the compressor via that little bleeder thats in the picture above. When it would clack then, I figured it was cause I had the bleeder closed too much and so I would open it some and I think it would releive the clacking.
But now with the regulator, when it started to clack, I lowered the pressure all the way(without opening the bleeder valve) to see if it would help and no, it wouldnt. It wouldnt stop till either I opened the bleeder/moisture valve, or unplug it and then start it up again.
I will wait for a few more responses, and see if I get any info. If not, I will contact paasche.
Thanks again.