Fueling & Injection - Fuel system questions for mustang swap

Ok...so here is where I am at...
This is the first efi swap I have done (i usually run carb).

I was looking at the donor car my motor and trans setup came from (third gen f-body).

It appears to have a 4th gen fuel tank.
Routing is as follows:
-The feed line comes from the sender, into the fuel filter
-From the fuel filter into a brass T fitting
-From the T fitting, one line goes back to the tank, and the single line left goes to the fuel rail...

Here are my questions...
1) Where is the regulator? I assume it is this, but I have read it is in the tank??
http://i128.photobucket.com/albums/p195/bfurches/1991%20Mustang%20LSX%20Notch/temporary-30.jpg

2) If the item in the photo on the rails is not the regulator, and it is in fact in the tank....can I just run a regular bypass regulator up front with the stock rails?

3) Where does fuel pressure reference vacuum?

4) Does the 0411 PCM just turn the fuel pump on, or does it pulse like an injector?

Thanks

This is a 4th gen fuel pump module,showing the fuel pressure regulator, it is easl to remove by removing the spring clip.
if you run a regulator up front remove the in tank regulator.
The in tank regulator is not vacuum referenced.

The thing in the picture is a pulse dampener.

You can run a regulator up front if you add a return line back to the tank & mkae modifications as Ollie8974 suggested.

The PCM turns the pump on, it does not pulse or control the pump pressure.