Daft question: The air line , being small isn't blocked is it?
All good advice, and worth following through in a logical sequence, (I would suggest start at the end of the Delivery pipe, and work back towards the reservoir, with a check on the diaphram as the final. With regard to the reservoir (tank) , (not the clear plastic condensate separator, which should also be drained regularly), the condensate should be drained out after every use, and the drain valve left open until next required for use.
Often these pressure regulator/ condensate traps contain a metal filter. If you have not drained the condensate from the reservoir, and the plastic bowl, regularly, this could be corroded/blocked! If you can, carefully clean it. If it looks like a load of brass rods bundled together, you may need to soak it in something like vinegar to get rid of the corrosion, before washing it with hot water, reinstalling, and then blowing air through it to dry it, keeping the reservoir pressure as low as possible to minimise condensation taking place.
When you drain the tank, leave the valve open for several minutes, it is possible that the condensate may freeze, in the drain tap and the draining cease for a while. It will then restart, probably accompanied by small pieces of ice flying about.
Like your lathe, you will eventually overcome the problem!
Howard