I don't think I'd spend time/money on the adjustable FPR.
Outside of when you get into serious modifications, without getting into PROM tuning you are potentially wasting gas and hurting performance by bumping pressure up without really getting into what your motor is doing when you increase fuel pressure. This is why they make things like wide band O2 sensors and people tune PROM's themselves.
Obviously, like bumping up the timing a couple of degrees, GM has some "fudge factory" built in to the system, however the ECM doesn't compensate for fueling under wide open throttle nor vehicle warmup via feedback from the O2 sensor. It "knows" fuel flow at WOT based on stock fuel pressure and the injector rating. Change either one without "telling" the ECM, and it will flow more or less fuel than it thinks it is. Obviously very bad if flowing less fuel (lean) and simply wasteful and potentially harmful to performance if too much (rich).
Unless the engine is starving for fuel at WOT (which is possible with modifications of course, or a variety of other reasons), adjustable pressure regulator should offer no improvement over stock.
You'd be better off with the "hard" mods that affect airflow, like intake or exhaust work. Realize that even with those, the system will likely run ok, but not be running as good as it can be. Case in point: 454 TBI. Headers, mild cam, and Edelbrock intake required a 16% increase in the volumetric efficiency tables due to just those mods, and that was simply to get it back in line for part throttle. It seemed to run fine, but when you get into it, it wasn't.