Yes the filter/regulator setups have been around for many years. Was used OEM by GM on Corvettes and probably others throughout the 90's and newer.
I never went that route on setups here mainly because they run anywhere from $50 to $70 here locally and it starts to be an expensive maintenance item replacing that every year.
If that doesn't bother you, or you don't mind ordering a few to keep on hand (ordering online is cheaper) then it's a great way to go. I've always preferred to keep the cars user friendly, meaning the throw away parts (consumables) available at local stores. So ordering a handful to keep on hand, and save money from the local store might be a viable option.
The only other issue with it is for those making decent HP that need bigger line eliminates the use of the OEM filter/regulator setup because they are just too small.
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