The regulator can get super hot by its own means, not sure the exhaust has much to do with this.
I have relocated mine on the rear shock nitrogen container at an angle towards the airstream. Its the only reasonable place (without cutting expanding and slicing) where it can get some air cooling. I Have no pic right now, but to give you an idea, the cables are on top right next to the compression screws. I have used a piece of an old tyre tube to rest upon and fixed it with cable ties. It is a five minute job.