Don't take this in the wrong way, but that is exactly how the Ford guys get around the Check Engine lIght from OverBoosting. It's a nifty looking pop-off valve.
Small problem with the Cummins, compared to the PSD, is, The PSD, the MAP is mounted on the fender, and has a long rubber hose leading to it, where on our Cummins, the MAP is screwed into the head itself, so you would need some adaptors to go from teh big thread size, down to 1/4" hose, put in a regulator, then back to the MAP sensor size, and then remote mount the MAP sensor.
Might be easier, and maybe just a little more $ (plus a few HP) to get a Boost Fooler for about $70. (Comes with a brass elbow, and an electronis module for a little more pep on the bottom end, and no codes when going over 20PSI.
Merrick