Is a fuel pressure regulator necessary? ( original post in general forum)

[rwogs]

I have a 1972 Chevy C/10 with a stock 250 CU and factory carb (nothing exotic). It has a "milesmaster fuel pressure regulator" inline, just before the Carb. It has threaded fittings, but I don't know if it is stock or not. It is leaking fuel and the liquid inside looks very bad (I'm cleaning it after posting this). Is it necessary to run a fuel pressure filter inline like this? The fuel pump is a standard mechanical pump.

I've now cleaned it and it looks better. I expect the gasket has dried out and may still leak. There was water and rust in the glass bowl.