WD, a CO2 cylinder is a pressure vessel so should, by law, have a pressure relief valve. The pressure regulator should also come with a relief valve.
The purpose of the drop checker is to give a good indication that my tank CO2 levels are running at 30ppm. It is done by adding a few drops of Bromo blue (Nutrafin low pH test kit) to the bulb on the dropper. Then you need to add a few drops of reference solution at a carbonate hardness of 4dKH, which is basically RO water with some BiCarb added until 4dKH is reached (this is actually not true, as the test kits measure alkalinity, not the KH, and sodium bicarb does not increase the KH, but will do for the purposes of this method). The 4dKH reference solution is pure, without any unwanted influence on its pH, unlike using tank water, so adding the pH test drops to the solution we should see a dark blue colour.
When the dropper is fitted below the water level in the tank, an air gap is trapped between the tank water surface and the reference solution. What happens now is that the amount of CO2 in the tank water will, over the period of an hour or two, equalise with the CO2 in the dropper air gap, and thus affecting the reference solution. The colour of the reference solution should change from blue to green, with green corresponding to a pH of 6.6 on the Nutrafin chart. Correlating a carbonate hardness of 4dKH against a pH of 6.6 and we get a CO2 level of 30ppm. If the solution remains blue then CO2 levels are too low, and if it goes beyond green and turns yellow then CO2 levels are too high.
The reaction across the air gap is :
CO2 + H20 => H2CO3
H2CO3 is carbonic acid, which changes the colour of the pH tester in the drop checker. You can see the reaction has nothing to do with the KH of the tank water, so CO2 can be added to water with 0dKH. My water is around 1dKH, I add CO2 at 30ppm, use lots of wood, and add acidifying ferts. I have never measured, nor worried about the pH....Amunet.
As I am sure you know WD, there are many other factors affecting the pH in aquarium water, all of which will be affecting a pH probe, thus making it very difficult to gain an accurate and steady CO2 level by measuring the pH.
The drop checker is far cheaper and, ultimately, the most cost effective/accurate method currently available to the hobbyist. It`s even cheaper when you make your own 4dKH.
Dave.
EDIT: for the record, I run with my drop checkers yellow, but with lots of surface agitation for the comfort of my fishes.