I have a very old (15 years ago, I think), Sherwood Magnum Blizzard regulator. I'm not sure about today's Sherwood Magnum, but the Blizzard version of it had two heat-retaining vanes in the mouthpiece that went to the demand valve in the second stage. These were very important in the anti-freeze properties of that regulator. Check with the LDS and see what the features are for the current Sherwood Magnum. The first stage is protected from freeze-up by being air isolated from the water. But the second stage, in order to be used in freezing waters, should have some mechanism like the vanes of the older version to retain heat to perform best in very cold water (say water with a temperature in the 30s F).
One other note, I use the vanes only in the cold water season, and remove them for warmer water, as the regulator breaths better without them (or at least used to in the older version). Again, check with the LDS about this aspect too.
SeaRat