The regulator on the water box technically isn't a rave (the top looks just like them though) but just a pressure valve that regulates the amount of water going into the box based off the rise in pressure from the engine as its RPMS increase. There are mods out there to delete this valve with something else but I haven't seen it for every skis.. I also thought it was for the racers as well.
Are you having a heat issue at the box? Or just trying to make it simpler?
My moto is if it works reliably don't mess with it.