Turns out I see here that your fuel pressure regulator is not vacuum based. That must be a vent hose you found, so maybe a fuel smell is okay in that case.
You should test the regulator as follows and if it fails, then I'd take a chance and replace it--it's not very expensive.
the proper test for the regulator would be:
|Fuel Pressure (Key ON, Engine OFF)||345-395 kPa (50-57 psi)|