That valve appears to have an integrated gas orifice on the left end. The burners won't operate properly without the orifice in place, so just any old gas valve won't work.
FWIW, an adjustable pressure regulator is just that; adjustable. There's a variety of them available and the ones I have seen range from 0-10 psi, 0-20 psi, 0-30 psi and 0-60 psi. I can't tell you which would work best with your hurricane burners. I think if I were building a rig I would use individual adjustable regulators on each burner and feed them through a gas rail.