Pressure regulator?

I would sure replace that with a normal holley-style regulator. They aren't real expensive.. I've got two or three brand new laying around, they usually come with the pumps I buy.
I've got the regulator on the inner fender panel, with two braided lines to the carb (holley). The lines and fittings cost about four times what the regulator would cost.
(I just spent $140+ for three foot-and-a-half Teflon lines and fittings to fix a fuel leak on my car.)