No, the 100LG is a classic, and has been around for years and years. Very popular, it is!
I know what a bleeder valve is, I just don't know why you have one, they're normally used to drain air or moisture from tanks, and you don't have one!
Don't buy a regulator from a hobby store unless you're independently wealthy. Go to Harbor Freight or Lowe's or Walmart or something and buy one for $10! They look like this:
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=90590
You'll probably need a 1/4" Male to Male NPT Connector or two and get some teflon tape. One between the compressor and the regulator, and another between the reg and the AB. The connector looks like this:
My setup cost less than $25 total (all the adapters, fittings etc.) you can see it on the right hand side of my one of a kind, custom made spraybooth:
Okay, it's one of a kind because no-one will bother making another!