Pressure Regulator vs. Bypass Regulator

[Devilman]

I did a search & read for hours regarding the subject of having a water pressure regulator or not, & relying on valves.. The general consensus is to go with a regulator, which I feel is the right way to go. But, after going through pages & pages of info, I couldn't find much on which was the better way to go. I'm of the opinion that a bypass regulator would be the most failsafe method, but figured I would put it out here before busting loose with my credit card.:D
So what do ya'll think? Plain old pressure regulator or a pressure regulator with a bypass to dump excess water overboard?
Thanks in advance people! :cool:

[Nucking futs]

Dump IT !!!

[Old Guy]

Watts, p/n N35BU which is a Grainger p/n 6LM11. Its a 1 inch outside thread but the inside it threaded 3/4NPT.
http://www.grainger.com/Grainger/wwg/productIndex.shtml
http://zurnbyaspiremart.com/proddetail.asp?prod=BR4&from=51
Relief valve.....dumps over-supply to prevent too much pressure.
old

[Taylorman]

Bypass. HTP has them. Heres a picture i have, i thought it was a pretty clean way to mount the pressure regulator.

[El Prosecutor]

Water Pressure Regulator and By-Pass Kit $129.95
http://hi-techperformance.com/Parts.HTM
http://www.***boat.com/image_center/data/500/3252HTP_Regulator_Kit-med.jpg
"The normal automotive engine is designed to work with a maximum water pressure of about 40 lbs. in the cooling system. On a jet boat where the cooling water comes from the pump bowl area, the water pressure can go as high as 200 lb. With this kind of pressure in the system, it can blow out soft plugs, push water through head and intake gaskets, and make porosity holes show up in many of the aftermarket intake manifolds. This system is designed to only allow 15 lbs. of water pressure to reach the engine. This eliminates most of the water in the oil problems that plague jet boaters."
I was going to buy one of these but I checked the pressure with a gauge setup:
http://www.***boat.com/image_center/data/500/3252Inlet_Guage_Valve2-med.jpg
Turned out it wasn't high to begin with (I am running through transom logs exhaust, and they apparently dont build the pressure an OT header system does)