If you can control the air flow with out it the only thing I see the regulator offering You is a physical 'known' limit. You 'know' how much pressure you're getting simply by the results, with a regulator you would know you couldn't go over a preset limit.
If you can get good results without it, no sence in buying one.
The moisture trap is another story. That little gem will stop moisture from getting to the airbrush and thus into the paint. If it does you'll get spatter on the kit

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I would recommend purchasing one of those.