I have hade a holley black for 8 months now with no problems, no regulator needed, i went this way because of price, it holds 14 psi at idle and 12 at WOT with alot of mods, i like and when/if it breaks i'll put a kit in it and go on.

 

EVERY factory 1st gen lift pump I have ever seen on an engine with any notable mods at all, will draw down to '0' psi when you mash the throttle.
Most will idle below 5 psi. If you are lucky.

I've personally had 2 stock VE lift pumps rupture and fill the crankcase and a couple of others that were leaking externally.

If you feel you absolutely MUST have a mechanical pump, the VE Industrial 4 (or 6) cylinder PISTON lift pump is a good set-up.
Another mechanical set-up worth running would be the '94-'98 Dodge version, with a boost referenced fuel pressure regulator.

Running TOO MUCH fuel pressure on a VE runs the risk of overcoming the front seal on the VE, and the extra lift pump pressure changes the timing.

"Ideal" supply pressure is, as I understand it, not more than 10-15 psi at idle, any more may affect the timing in the pump.
Over @ 19 psi may eventually push the front seal out of the pump, unless it's properly retained.

Mark.