OK, 50psi will likely be too little pressure, I would shoot for 100psi with 75psi being the absolute minimum. Remember you also have to overcome boost pressure so 50-20=30psi, 100-20=80psi.
I never messed with a hex on the bottom of the regulator, I would simply turn the bottle off and and then activate the system to relieve the pressure then turn it back on with the regulator adjusted for low pressure and turn it up to desired setting.
As for me and what I run, my boost is set for 18psi with 24*timing and the regulator pressure is set for 100psi. It comes on aroung 12psi and I have the smallest jet installed. Basically I am running tha same tune on the street as I was at the track when I ran the times in my sig.
I have noticed that the bottle pressure depends alot on outside temp so if you have the pressure adjusted lower than the lowest bottle pressure (when it is cold outside) you will have an easier time tuning it since you will see the same amount of propane no matter what the bottle pressure and temp are.
I would say that 75psi regulated pressure would probably be the lower limit of what I would ever set it at. After that it is just a slow process of adding boost and adding propane to see what you can finally get with no knock. A chip with a BLM lock isn't a bad idea either since the ECM will try to pull fuel on the WOT BLM block when you are driving part throttle under boost and the propane is being injected. I saw mine go down to around 100 or so with the rest being around 128.