As I understand it, a regulator is designed to regulate the water pressure. So if the pressure is set with the water off, then the regulator should readjust the pressure to the set pressure when the water is turned on. If it doesn't regulate like that then it is just a flow restrictor.
That said, I had to fiddle a bit to get mine set up to the pressure I wanted because when the flow is stopped, the static pressure can rise a little before the regulator restricts the flow to control the pressure.
I have the Camco one with the screwdriver adjustment and gauge.
For the pressure setting, I recommend setting it to about the pressure that your water pump can deliver. That way you don't risk having the non-return valve in the pump jamming.
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