No, the stock pump will do 40+ psi. The regulator wont hold back that much pressure.
Getthe Holley RED pump, as that is 10psi. THe Holley BLUE is like 14psi, and comes with one regulator, but is more expensive. Thats what I used on my 351-W Zephyr with 125shot nitrous
As seen on my Zephyr page:
http://www.dariusrudis.com/mustang/zephyr/