Is this just on/off or can it regulate the flow by the position of the knob from low to high?

You can use it as a flow regulator but it's intended purpose is off and on for gas lines. Inside there's a small brass ball with a hole in the center, tiuning it part of the way on would let it control the flow. The picture you see is the on position, turning the handle sideways would be the off position, you could turn it a little and slow down the flow.

Can this valve be placed outside in the weather?

I have used these outside for years. One is in a very moist sprinkler box. I have used most of them for water but they should work great for gas.

is the threading tapered?

Yes. Homewerks VGV-1LH-B3B Premium Gas Ball Valve is certified for use on piping ANSI Z21.15 / CSA 9.1 which states in paragraph 1.3.2 in the -2009 version: "a valve or device threaded for connection to piping shall have pipe taper threads conforming to the Standard for Pipe Threads". (I'm not sure why there are some "No" answers here for this question, unless they're for a different product. Also, the standard taper on pipe threads is not very noticeable). I've installed this valve 1/2" NPT (i.e. tapered) gas piping with not problems. Note that you must always use pipe thread tape or pipe dope approved for gas lines for these types of threaded pipe connections.

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Specifications

Material	Brass
Brand	Homewerks Worldwide
Item dimensions L x W x H	2.5 x 1.3 x 1.8 inches
Exterior Finish	Chrome Plated,Brass
Inlet Connection Size	0.38 Inches
Inlet Connection Type	National Pipe Tapered
Outlet Connection Type	G Connector
Valve Type	Ball Valve
Global Trade Identification Number	00879420001399
Manufacturer	Homewerks
UPC	879420001399
Part Number	VGV1LHB2B
Item Weight	5 ounces
Product Dimensions	2.5 x 1.3 x 1.8 inches
Country of Origin	China
Item model number	VGV1LHB2B
Size	0.375-Inch
Color	Brass
Shape	Inline
Item Package Quantity	1
Included Components	Homewerks VGV1LHB2B Premium Gas Ball Valve x Female Thread, 0.375-Inch, Brass
Batteries Included?	No
Batteries Required?	No
Warranty Description	Limited Lifetime Warranty

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