If you put a in line fuel pump on, it will usually pull through a bad pump in the tank saving you the hassle and trouble of dropping the tank (i'm sure somebody will argue with me on this, I did this on a boat I had that the fuel pump was in the tank). Autozone sells different PSI pumps just ask them for a lower PSI (I will try to find the part number for the ones I use). I would trash the regulator and keep a PSI gauge cheap regulators are bad to stick or regulate the wrong amount, plus most all your carbs have a built in regulator. Just my .02 this is what I would do...
Dustin