if it is running fast and has a beat error then the watch will need be adjusted not regulated. regulating (moving regulator stud to fast or slow) will not correct beat error. beat error occurs when the balance wheel will rotate lets say 360 degrees in one direction, then 270 degrees in the opposite direction. Normal osculation should be about 270 degrees in both directions.
1. Observe the HS and BW under a strong eye loop. Is the the BW moving in fast short strokes (usual cause is magnetism), or is it moving wildly fast in long strokes. best way to see this is if you have a smart phone with slow motion feature record the BW then watch it in slow motion and you can get an idea of the degree in rotation and get an idea which direction is off. also under magnification watch the HS coils expand and contract, are any of the coils sticking, is the HS riding up or not laying completely flat.
2. Demagnetize the movement and balance assembly separately. remove pallet and cock and reinstall balance asbly. make sure the roller jewel rests in the middle of of the banking pins. if it does not then there is your "beat error" problem. you will have to adjust the HS collet on the BW untill that roller jewel is dead center in the banking pins. there is a way to do this with spring attached but that requires experience so HS will have to come off. remove the stud from the cock and observe how the HS sits on the BW, make sure there are no warped or sticking coils. if all is good then make your adjustment and reattach stud. time the watch again and see if there is any issues.
3. If there are still timing issues then a full service is in order. pivots will need to be checked for deformities and/or wear. picot jewels will need to be stripped and cleaned of old oil and debris, etc. End/side shakes of the BW should also checked before service begins.
A TIMING issue is a sure sign that a SERVICE is in order, so I will recommend a full service either way for this watch regardless of what the fault is. But I always like to do some fault finding first (things mention above) then proceed with the service, you will also be doing other quality control inspections during the duration of the service. i.e checking pivots, pivot jewels, mainspring, pinions and teeth, end/ side shakes of train, etc.
demagnetize the the movement and