my purolator regulator looks just like the on in your picture, except for a sticker on the face of the knob. But it's hard to say if it's the same w/o comparing them side by side.
And yeah, I noticed with mine also that the number indicators on the "dial" didn't correspond to psi. I used a pressure gauge when installing mine. I forget by what percentage and in which direction, but I just looked at the gauge and stopped messing with the dial when I was seeing a consistent 4-1/2psi or so.
So we're on the same page here!
Because you are able to monitor your fuel pressure under operating conditions, you can play with increase/decrease and see how it affects overall performance if at all.
But each time you adjust fuel pressure up or down (I'd use only 1/2lb. Increments), then you should also touch up the idle mixture adjustments, fuel pressure (as well as fuel level in the bowl) will change somewhat also. Once you've spent some time playing with that, you will fully understand the relationship.
For instance, set the fuel pressure to 2psi, then adjust the idle setup and let it stabilize. Then start increasing the fuel pressure in 1/2lb. Increments and stabilize. At around 4psi, it will change significantly, at 6psi, idle quality will really go to hell!
I got the perfect demo for this. I have one of the best Holley 1904 carbs I've ever done on my 196 right now, includes one of the reconditioned main well assemblies Robert is doing for us. And it has one of Robert's custom "sight glass" fuel bowls on it. I can tune the carb at 1.5psi for outstanding idle quality, with a perfect fuel level in the bowl, of course, that is way too low for normal vehicle operation.
Then...I start gradually increasing fuel pressure off the regulator. The ability of the float and needle assembly to regulate fuel level at idle starts getting real erratic at 5psi...at 7psi (max) it starts pukkin' fuel through the vent as the float and needle can't handle that. Keep in mind, the fresh oem (mechanical) fuel pump provides a constant 7psi on this unit which is above the spec of 5.0>5.5psi. That is why I always have to set the float level way lower than spec on carbs that are tested on this engine! Until just recently, I've never considered that!
On your 2300 Holley, you can do the same, just pop the sight plug out and watch the fuel level go up and down as ya tweek the dial.