Kevmo911: Thanks for the update on the nomenclature. You are correct, I have already purchased those pieces from amazon and the compression elbow did come with the insert for the tube as well as the ferrule which is attached to the compression nut.
At first I was just going to use an ASA on/off type valve on the tank which doesn't regulate the pressure. I was using Jaggedfury's write up as my guide. I saw there was some concern from people that having the full pressure of the tank on the needle valve was an accident waiting to happen so I opted to get a regulator instead though I had already purchased the higher psi needle valve.
I don't have my camera handy but below are pictures(from amazon and ebay auctions) of the items I got.
This is the needle valve.
This is the compression elbow. I'm not posting the coupling as I'm sure you all know what a 1/8" FNPT coupling looks like. This picture doesn't show it but it came with what I assume is the insert. A hollow tube that is flared at one end and fits inside standard airline tubing.
This is the regulator I got. It's a used single stage Taprite. I know it's not top of the line but for $16 it works for my entry into CO2.
Also, I know it's off topic but I was hoping for an opinion on this regulator. I got it fpr $10. It looks like it's dual stage but I'm not 100%. It's a used Union Carbide, I know it will need a CGA 320 nipple and nut but for the price I figured I could buy one for relatively cheap to make it work with CO2. Will it be a problem that the high side gauge goes up to 4000?
Thanks for the help guys. I've kept fish for years but am new to CO2 and planted tanks. As much as I hate to ask for help(I prefer to teach myself) I had to accept that it may be easier for me to ask questions of people who know much more than I do.