I bought a keg system about a month ago. At first I was going to buy the parts individually and then buy others as I needed so I did some shopping around to find the best prices. Even though I ended up buying a kit, I still found Kegconnection.com to have the best prices. They have single body regulators for $35-39 (single vs dual guage). But yea, with shipping it comes out to $50. You may be able to find a used one somewhere...maybe a local welding shop, or like around me, a fire extinguisher service shop. The regulator is a rather important part of the keg system so in my mind the $50 is well spent.
PS Hoppysailor - I went to school in Missoula. I miss is something terrible. Cheers!