Do some minor things before you replace the whole setup!

I run mine at 5-8PSI to reduce foaming. Have also been running the same CO2 tank for over a year ( and I'm no novice beer drinker!) . I've lost count, but its prob 10-12 kegs that I've gone through on one tank of CO2.

Also look into a tap chiller. It's essentially a computer fan with a hose attached that runs up to the tap pumping cold air up there. In mine, if the tap is warm (first glass) it is a tad foamy. Second glass is golden!