I have the same regulator with (originally) a Holley Red.
With the new engine install we added a Holley Black and later the regulator failed. I replaced the diaphram and all's been well but I will upgrade to the regulator for more flow (which should be used with the Black anyway). I'm pretty sure the basic small Holley reg is ok for the Red and Blue.
At any rate, the rubber diaphrams will harden or possibly tear over time. It was scary seeing my fuel psi jump from 5 tp 14 and the engine cutting out.
