Your money is probably better spent by replacing your current fuel distributor with one from a 78-79 3.0, deleting the freq. valve all together. The distributor is the heart of the CIS system, and is a relatively accurate fuel pressure/metering system. Although you can try your idea...tampering with it can cause some serious drivability problems. I think the way that a fuel press. regulator works is alittle different from the way the freq valve functioned...not sure.
I too try to be a mechanic rather than just a parts changer, but in this case you may save yourself tons of headache by switching distributors.
Check your e-mail...I sent a long explaination.
Nick.
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Nick Shumaker
1982 911SC Coupe
nickshu@yahoo.com
PCA -- Rocky Mtn. Region