electric fuel pump regulator ???

i ran up on a mr.gasket 105 gph vane type pump..looks like a holley knock off,,my ?? is it came with a regulator,,says it has 14 psi max,,,the regulator has 3 places for lines im guessing 1 for in ,,1 for out,,and the bottom one is for what?? a pressure gauge or a return line,,i dont have either,,can i just plug off the bottom port ,,and how would i set the regulator,,is clockwise less or more psi on the set screw?? thanks,,,

ok thanks for the info,,i got it running but still not sure of how it is set,,,seems to suck the carb dry at 4500 on up,,should i raise my fuel pressure,,??