You will have a mechanical pump then.

you'll obviously need to remove the fuel pipe from this, best bet is to remove the pump completely and fit a blanking plate.

as far as a regulator, i never use anything other than the Malpassi filter king.
Its superb for twin carbs, and the instructions will help you set the correct pressure.
Ive no idea what the reg is you've got, i'd suggest you ditch it and get one of the above.
you'll also need a carb synchrometer, a little gadget you fit into each intake when the engine is running to be able to balance the air flow of the 2 carsb to each other via the little screw that should be on the linkage between the throttle spindles.
Cant remember what the fitting is for the Red Top, i think it can be mounted anywhere (check this), but if that is the case, then you could mount it under the bonnet with the Reg.
Plus, i'd wire it through a switch in the car so you can isolate the pump, and check the wiring details to see if it needs a relay or not, and make sure you use the correct gauge wire.

Tank to pump, pump to reg, reg to T piece, 2x ends of T piece to each carb.

Make sure you use some nice rampipes, Full radius are better.

You didn't say what air filter you are using.........

you'll have to forgive me if ive missed anything....

its been nearly 15 years since ive used twin 40's..........