I just got through a bunch of crap with the bushy (im also haveing the same problem believe it or not) I have and here are a few ideas that may or may not help ya.
I can tell ya its not the valve. You said it was leaking around the noid. If it was the valve you would have all sorts of leakage around the gun...down the barrell...etc. everything in that noid is regualted internally though little tunnels and holes on the gun. But the noid I noticed through the last several months will bleed (or leak) off in two ways. Either A. The pressure is too high or B. 1 of the o-rings on the noid is bad. you then ask ok how do i know which one. What i do is take apart my gun and gas it up. Where the noid attaches to the frame if the air leakes out of their then it is a oring or the noid is attached tight enough. 2. between the base of the noid and the noid itself...the only thing i can figure is this is where it bleeds off excess pressure.
now if it 2 then you got two problems. Either A. Your LPR is not working correctly (or is too far in) or B. The noid is bad. This is where i am stuck now. The most im going to do is replace the orings on the piston in the LPR and if that dont work...im going to have to buy a new noid.
The question I have is (which im sure is a yes). Does the piston on the lpr move every shot...or does it saty where it is. Cause if that is the problem...that would explain my issues.
oh btw.....the noid needs a certain number of volts to function so you may want to look at a battery issue too. Also check out the wiring harness and may sure there are no disconnections...just a though
Hope this helped...