No, This check valve failing would not get water in the lex air valves.
Most likely that the seals on the lex air valve is failing or there is water in your air compressor - air lines going thru the regulator and mac valve.
Make sure you drain your compressor weekly, and shut off the air to the machine, unhook the airline and open the valve to let any water in the lines to blow out.
List price for the weep check valve is $24