Just to round this thread off, I got the needle and the dial plate off, and found a spring inside had become displaced from a toothed half-wheel. After a few trial efforts I worked out where the spring was supposed to sit to get the needle resting comfortably back at zero.
I've been using the regulator without problems for a few weeks now, and I'm confident it's reading the way it was designed to. It gives very stable readings and there is certainly no evidence of any leakage in the system anywhere.
I'm not saying this is a permanent fix, nor advising anyone to follow suit if they encounter a similar problem with their own regulator, but given the way my regulator is now behaving and the fact that it has never been over-pressurized I don't think its safety is necessarily any more compromised now than it was as a result of the way it was originally assembled in the factory.
My motivation for saving it was, as I've already said, the fact that this kind of regulator is no longer for sale anywhere in the UK; if someone one knows differently, I'd be pleased to know where.