You seem to have the problem cause figured out (refer back to post 4 this thread). The OPV/PPV is not working consistently. It should not have air leaking around the adjustment screw. Yes, you probably have a bad diaphragm.
I suggest replacing it. This Over Pressure Valve is available:
Part# N30261B
About $70.00/ea
when I got mine the Lead time was 2 weeks, I had to pay with a credit card so have to call them.
CBT Corporation
816-796-9310
1200 S Powell Rd
Independence MO 64057
If you make a few changes to the output connections to the wet tank you can add a quick connect for an air hose. Then put a QC connector on a pressure gauge as a diagnostic tool to plug in when you need it.
Add a 1/2"NPT "T" and specify swivel connectors for the NPT hardware. That lets you take apart this assembly without having to start at the far end at the 1/2" and 1/4" hoses and all that stuff.
Looks like this:
The pressure setting on the new OPV's I bought were preset at about 85 psi and work fine. BTW, this same OPV is used on Unimog 406, 416, and U-1300 and maybe others. A common part everywhere but the USA apparently.