Yes you can, I had the same concern about a year and a half ago when I bought my first regs. I was told by my guys at the welding shop that it was alright. It's both low pressure gas and won't affect them in a bad way. But what I gathered is that propane can deteriorate rubber a little bit faster. So the thing to make sure you do is buy "T" grade hoses. As far as the Diaphragm inside the regulator, I'm not sure if propane will degrade it faster or not...but as far as I know you'll be perfectly fine. Just run the regulator nicely and don't "pop" the diaphragm open all at once. (always turn on the gas with the regulator closed and then slowely open it up to the right psi). It'll last longer that way.
Mine are Victor brand regs that I bought from the welding store. I think it's good to buy quality regulators once in a while instead of poor quality ones that could be unsafe.
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