Just was wondering if there were any drawbacks from converting a fridge and storing the co2 tank & Reg inside the fridge. What effects if any the cold will have on the co2 & Reg?
The only effect will be that the reg is a little slower to respond to changes. Can be a little frustrating with some regulators if you're constantly changing the pressure, because it will creep a little past where you think you set it. Not really an issue for most people though.
Moisture/humidity corrodes insides of gauges (will here negative on this) but had to replace a few over the last 20 years and yes with proper care a reg/gauges should outlast a lifetime. Regulators hold up either way like mine where they are easy to get to without having to open refrigerated space.