Have not heard of rotary pumps surging like the old dak dak pumps so they are safer with fuel pressures, you should be able to set this one and leave it but a reg is entirely up to you trusting the pump, if you decide to get a reg then $80 - $100 buys you a fairly decent one although you can get them on ebay with a gauge built in for around 50 bucks, check the holley regs out, they have one that does 1-4psi.
I would be sticking with the rotary pump, fuel pump whirr is better then dak dak.