The paint ball systems are designed to "handle" the liquid withdraw and the expansion of the liquid Co2 to gas. A standard industrial/food grade Co2 regulators that the majority of us use are not designed for liquid withdraw.
The issue is not the regulator, it has safety features build in to release the energy from the liquid changing to a gas. If the liquid gets down stream of the regulator most of the systems have part in place that are not equipped to manage the pressure increase. The potential for a catastrophic failure at this point is quite high.
The point I'm trying to make is that many of us have our kegorator/keezer in areas where our family and friends frequent, "it" may never happen but "if" it did and the fix was that easy I know how I would feel.