Hi Jeff,
The regulator is recommended by Weber and ideally would be regulating down to 2.5 psi, but no more than 4 psi. I don't see a pressure gauge which you should have as it is a neccessary to perodically adjust your fuel pressure during maintenance etc. You could certainly re-run those lines to clean it up a bit. You can also connect the thrid port on the regulator (it looks as if its capped off, but hard to tell from the photo) back to the fuel tank. It will ultimately help avoid vapor lock in the warmer weather and help maintain a steedy fuel pressure.
Again, it's hard to tell by the photo but it looks like the PO ran the fuel bowl vent into the PCV lines. That could be bad since the bowl is seeing vacuum all the time. Ideally the vent would run to your charcoal can or back to the tank or at least routed safely away from the engine at open atomsphere.
If you really wanted to do it up right, you could replace the mech. pump with an electric pump (like a Carter pump). Weber carbs usually dont do well with the pulses from the mech. pumps diaphram. But I know a few guys that have made it work.
