Regulator w/ By-pass: $110
VP44: $950+ (avg. $1200)
Stock VP is designed for 15psi inlet with 3-8psi returned to the tank. Sending 18-22psi+ (15 stock + 7 from an auxillary pump is common) and expecting the VP to sustain it's designed performance is risky in my opinion.
I am not an expert by any stretch, but I believe that regulated fuel flow will maintain a steady pressure, which is friendly to the VP as well.
fwiw,
bill