@fnord
that's a 3 way valve, you know ?
Just use off the shelf parts...
All you need is a regulator + 3 way valve
Also, an air piloted 3 way can work as a sort of regulator. Have a look at this

if you want to switch it you've got to send air signal to the pilot port. Of course, the air pilot port can be hooked up to almost anything.
If in normal position propane can flow through the valve to the chamber and from there to the air pilot port then you can use it to automatically cut off propane as soon as the right pressure is reached.
If you want to use it with propane then you probably need and air amplifier, which is basically just an air pilot attached to the 3way, but larger than the one you can see above. The larger the diameter the lower pressure you can use to switch the valve
Ohh I found a pic of a valve with it

They come in different sizes and shapes but they are all just air piloted 3 way valves
Clippard has them too
http://www.clippard.com/store/display_d ... p?sku=2010
I don't know how consistent would the method be but with an air amplifier I suspect that it should be fairly consistent.
Of course, you might as well just use a standalone reg to improve accuracy and use the air pilot just for automation.
Notice that you don't have to use a pressure switch, electronics and solenoid valves. You might as well use a fully pneumatic system based on air piloted valve.
What is more, you can use air piloted valve to provide timing. With a flow control valve attached to the port of the air pilot it will take some time before the signal is sent to the air pilot and the time the pilot switches the valve. You can use that if you want to build a time delay based volumetric metering system