First please read the owners manual(
http://www.roundhouse-eng.com/pdf/billy.pdf ), and keep the prescriptions from there, especially the boiler, lubricator and gas filler advices. Don`t forgett to remove 30ml water from the fullfilled boiler!
If this was correct done than I can only imagine this answer to the written problem:
It sounds after a little steamed up water in the superheater tube, that brings the billy very short to move. This is normal with RH locos, my both have the same appearance.
Wait until there are more than 20 psi into the boiler and try to run it forwards and backwards, you will remark much water is comming out. If this is removed by blowing out from the system Your loko will run normally.
Steamers from other manufacturers have the same problems, when they have no drain valves in the pistons.
If You have a defect regulator valve seal, You see it steaming out or it is impossible to regulate down the speed followed by a derailed loco in th next curve.
The best would be You visit with Your Billy an experienced steamer in Your near to learn it. If You would life in Bavaria, Germany I could offer You this service from me, no question.
Good luck
Frederic