I am a total pump and regulator advocate. For your application the pump is fine. It's only $30 at Tower. If your tank was really far away I'd go with a Cline or Ironbay regulator. They make your glow engine run WAYYY better. And yes it will use less fuel, you will add a few minutes of flight time to the same size tank. One thing the Cline or Ironbay regulator are much easier to get working. The Perry pump takes some tweaking. Some people just plumb them up and the work fine whereas others (me) have a hell of a time getting it to run right.

By the way, that diagram you show has no pressure from the engine or exhaust. That means the engine must run completely on suction. I have my doubts about that diagram. I would only add one change to it: connect that vent line to the exhaust pressure tap. Then it becomes a Uni-flow setup which is supposed to work pretty good (control line).