No - that is NOT an adjustable regulator. It does not regulate pressure - it only regulates VOLUME.
That regulator steps the tank pressure - which is something like 120 psi - down to about, I don't know, maybe a couple pounds.
You can only regulate the AMOUNT of gas at that low pressure.
Think of that needle valve as a nozzle at the end of a garden hose and the spigot at the house as the regulator.
If you have the nozzle adjusted to spray a solid line of water to wash your truck, but have the spigot at the house turned way down, the water will only barely squirt out of the hose.
Now, leave the nozzle EXACTLY where it is, but open up the spigot at the house and now the nozzle squirts with a LOT more pressure!
You have no adjustment of pressure in your line there - only two nozzles and no spigots.
That "regulator" is a fixed pressure. You can only control how much volume you want at a FIXED pressure.
Without a blower in your burner, and no regulation of pressure, you are fairly limited in the amount of control you will have. That pressure gauge AFTER the needle valve tells you nothing, because right AFTER the gauge, the line is open to the atmosphere!
That sort of looks like a BBQ grill regulator, or something for a cook stove.
There's a whole bunch of them that look alike but do different things.
This set up here with this regulator - would tell me the tank pressure as well as how much pressure I put in the line, which I run at about 8-9 pounds.
Then run it to a regulator at the other end of the line and step it down to my desired burn pressure -which is about 4-5 pounds - and regulate the AMOUNT of gas into the forge with a needle valve.
Also, if you can figure out how to add some more gas line between the tank and the forge, you'll be letting the gas warm up BEFORE it hits the forge as really, really cold gas right out of the tank.
You'll get better combustion with warm gas than cold gas.
But, if I'm completely wrong and it works for you, then forget everything I said.