If the diaphragm has developed a breach (the most common regulator failure mechanism, fwiw) it may not regulate properly, but the degree is going to be a function of the leak rate.
That said, if you can literally feel a breeze from the vent, that's a very large leak, likely to exhaust your CO2 cylinder in short order. Your better choice might be to not waste a tank of CO2 while waiting for a rebuild kit...
Cheers!