I owned a Sherwood in the past but I'm not a Sherwood guru. However if I'm not mistaken Sherwood used the same basic 1st stage for several different sets (Brut, Magnum, Shadow, Maximus). It seems to me that the differences are mainly in the 2nd stage design.
... and why wouldn't they? It's one of the most robust 1st stage designs in the history of our sport.
does this 1st stage have a "dry bleed"? The dry bleed looks like a little rubber stopper in the 1st stage. When the regulator is charged it will let out a small stream of bubbles. This is normal and it is necessary because the 1st stage design is a piston. The advantage of a piston regulator is that it only has 1 moving bit and it's pretty much bulletproof, but most piston regulators let water inside in order to balance the pressures. Sherwood found a way to make a piston regulator that stays dry on the inside so it is much less prone to freezing and much less vulnerable to pollutants in the water.
The bleed, as I said, looks like a bit of a black rubber cap. This cap is not normally not replaced with service so if it has one and it's been laying around for a long time then get it carefully inspected and/or replaced when you take it for service.
Same goes for hoses. If it's been laying around for a long time, consider getting the hoses replaced as a precaution. Better safe than sorry.
R..