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On the Carb models, its real easy to replace and easy to get to. On the EFI, its under the plenum on the fuel rail and attached with 3 allen screws. Easy to replace, 25$ or so, but a fair amount of work to get to. The EFI model is vaccum operated, so 1st check it out by taking off the vaccumm line and see if it leaks any gas or alot of fumes (you will smell a little) and of course make sure the vaccum line is good.
>reduces the pressure from 60 or so (whatever it is) to 20ish
The regulator does not reduce pressure, it creates it. The pumps push fluid against the regulator and it relieves at a known pressure back to tank bypassing the injectors. The pressure at which it relieves is the pressure at which the injectors meter fuel. Increasing the regulator pressure increases fuel thruput by the square root of the pressure change (e.g. doubling the pressure increases the fuel flow by 41%.) A stock 5.0 or 5.8 regulator relieves at about 39 PSI, a stock 300 regulator relieves at about 58 PSI




