Without a vacuum on the regulator, I don't think it'll do too much harm (especially if you don't intend on driving it that way for very long). I've read recently that your idle speed will increase to roughly 900 RPM (from the typical 600-ish), but I haven't seen anyone report any other bad side effects. However, others here would have a more expert opinion.
I just replaced my FPR last weekend at 208,359 miles (old one was probably original, and was leaking fuel out of the case seam around the outside of it on cold startup). The process was fairly easy, just time-consuming for me because I had issues getting the engine wiring harness out of the way (makes gaining access to it much easier). Plus, it was kind of late at night and I didn't have adequate lighting. Oh - make sure you do it in an area with good ventilation, as there will be some fuel spilled as you take apart the lines and remove the regulator from the rail. I was in a garage, and found it better to have a fan blowing away the fumes. If you do it outside in the open, you may not have that problem.
I used the ACDelco part 2171445 from RockAuto, FWIW.