Holly electric fuel pump help (pic)

[tranz am]

OK I found this pump at a local junk yard under a big block powered P30. I plugged it in and it fires up. My question is what is the blue thing attached to it?
I would imagine its a regulator. I want to use this to feed my 800 cfm q jet thats bolted to my 400 horse 350.
Now if that is a regulator how do I adjust it and what should I adjust it to? I know that the q jets are more sensitive to fuel pressure so This is important to get right. So fire away if you can help thanks.