If its just the blowback protectors that concern you, you can upgrade those for like $30 to harris or victor, thats an inexpensive fitting.
My torches are victors, if that matters, which it probably doesn't. Honestly, once you start using them much you'll figure out how to avoid blowback in the first place... and of course always cut the oxygen first when shutting them off.
What you'll probably find after research is that cheaper valves don't hold pressure as reliably as more expensive ones, but that doesn't really make a difference on 90% of what you use them on. Its not a safety issue. The valve is on the tank. Shut the valve off and the gas flow is off, so as long as you shut the valve off when youre done its not really a safety concern if the regulators aren't A list stuff.. as long as the torch is on the pressure between the regulators and the torch is pretty low, so leaks at that point aren't a big deal either.
I don't know what size a #1 tank is, is that the "little" one? They call them MC tanks, apparently used to be used for headlights on motorcycles or something. Anyway, I'd try and avoid those if possible, only because you can't cut or do anything else that would pull a lot of acetylene out of them or they can get unstable. I don't have my book here but you'll find it in a google search, you don't want to pull gas out of a tank at a rate of more than like 20% of its volume in an hour, something like that. Thats where having a bigger tank is nice, because you can cut with it or use a big nasty rosebud tip to throw serious heat at something youre trying to bend, or whatever, without having to worry about the tank. Also, more safety advice that should be obvious: the tanks must be chained or fastened securely upright all the time. Acetylene doesn't like being laid down because it is stored in a binder insidde the tank... think of it like a big sponge in the tank that the acetylene is in.. If you tip it sideways and then right it and try and open the valve, the liquid can come out. You don't want that to happen, its bad. So always keep it upright and if it falls on its side let it sit for a while upright before trying to use it again, I usually wait at least half a day for safetys sake. But I try very very hard just to not tip them over in the first place. and on that note, always use the screw on covers for the valves any time you are moving the cylinders, if they were to fall (and they are heavy and awkwardly shaped, so it does happen sometimes) and the valve hit something and broke off, well, I'm not sure exactly what would happen, but I'm guessing there is a good chance the tank might shoot off and blow a hole in your wall like the warf scene in gone in sixty seconds. Also probably a decent chance that if it happened in your garage, you'd have a nice high concentration of acetylene looking for a spark.
Get yourself aforementioned book and read up, then go get a pair of tanks... I'd recommend finding a used tank on craigslist or in the local free classified ads or whatever. And I am betting when you do, there is a good chance you'll find a pair of tanks, a cart, and a name brand regulator and hose for around $300.... and thats what the new tanks alone will run you. If this happens maybe take your cheapie regulators back and just run the whole craiglist set up.
It hasn't not worked for me so far. lol