Without going into detailed calculations, the basic issue here is that the relief valve has to be sized based on the maximum flowrate due to regulator failure in the wide open position. When this happens sonic gas flow will exist in the bore or port of the regulator. This will occur since sonic flow occurs when the ratio of upstream pressure to downstream pressure is less than about 0.5 (See API 520 and 521 for explanation of critical flow pressure) since there is enough differential pressure energy available to get to sonic flow conditions (pressure head is converted to velocity head and enough pressure head is available to achieve sonic flow velocity). In this case the upstream pressure is 134.7 PSIA and downstream is 44.7 PSIA. Using the wide open Cv value and inlet pressure along with the required properties of air there are compressible gas flow valve equations that can calculate the maximum flowrate at sonic (critical) flow conditions. Then you can use API 520/521 relief valve sizing equations for the calculated flowrate.
Also you can estimate the maximum flow by assuming a perfect frictionless orifice (= minimum port size of regulator valve) at critical flow (sonic) conditions and use the ideal gas flow equation PV = mRT to calculate the estimated ideal flowrate (actually mass flowrate to be solved for here). Where P = critical sonic flow pressure PSIA x 144 (approx. 0.5 x upstream absolute pressure for air) V = volumetric flow rate cu. ft./sec. (= Velocity x Area of port = sonic velocity ft/sec x area ft. sq. = <SQUARE ROOT gkRT> times area of port PI(D2)/4 ft. sq., where g=32.2 gravity constant, k=1.4 ratio of specific heats for air, R=1545/29 universal gas constant for air, T sonic flow temperature = T upstream times 2/k+1, degrees Rankine = deg F + 460), m = mass flow rate lbs/sec(unknown to be calculated), R = 1545/29, T = T upstream x 2/k+1 = Sonic flow temperature deg. Rankine. Solve for mass flow rate then use ASME/API relief valve equations with calculated mass flow to size relief valve based on 44.7 psig inlet pressure. Make sure all the units you use in the equations are consistent (ft., Lbs, sec, deg R, ft sq. PSIA x 144 to PSFA, etc.