regulated vs reduced power unregulated accuracy

I'm considering the jump to PCP (accuracy at 50+ yds and multiple shots). I get the difference of how regulated works vs unregulated, but my question is: If you shoot an unregulated PCP at a reduced pressure (some have 3 or more externally selectable options for various degrees of reduced velocity) will it act somewhat like a regulated model? Has anyone done a test of this (with holes in paper and a chrony)? Has anybody seen, or have hard numbers on a test like this?

Thanks in advance for any responses
 
Regulator fixes the pressure to a constant from the supply vessle so that all the happy innards perform consistently regardless of pressure until that pressure is below the regulator set pressure.

Can you accomplish the same thing as cited above without a regulator? Sure, for a very limited shot count, depending on the pressure drop from your shots.

Do you need a regulator in every PCP? No and I'll cite the Daystate Renegade I own as an example but a regulator is nice and will benefit each PCP based on it's design.
 
Yes, an unregulated gun shooting it's favorite projectile, at it's favorite psi, can shoot just as well as a regulated gun. 

I had a couple unregulated guns that would do this. Only one now as I put a reg on the other.

Still, I usually end up putting a regulator on them as I can, fill to a higher pressure, and get more consistent shots that way.
 
lol ..if your shooting at 50+y you dont want to 'cut power' ..it the law of diminishing returns unless you just punch a static paper target with no wind .. a lower speed and power mean your dealing with several inches of drop per yard past 50, so if targets are variable distance yo want a fast flatter shooting gun .. all my opinion of course .. on lower end guns unless its static targets or competition a regulator is prettty worthless .. if you can set it at higher power with a higher end gun by all means go for it lol ...
 
Unregulated is generally designed to shoot as such. Unless you go really cheap on your budget. These guns typically have a respectable shot count and ES. Unregulated is often easier to extract power from as well. Reducing output should increase shot count. So I think you are right in some assumptions. Main issue with being unregulated is varying harmonics. You will need a tensioned barrel system to contend with this. At least from what I've seen firsthand. 
 
To answer your first question, no the externally selectable power feature does not act as a regulator. Depending on which rifle, this feature either adjusts the hammer spring tension or the transfer port opening. So, usually you change power at the cost of air efficiency. Some rifles now have externally adjustable regulators also, so a more complete tuning can be accomplished.

An unregulated rifle will have a power curve that affords good consistency through a certain portion of its power production. A rifle that fills to 250 bar, might generate very good consistency from 225 down to 125, or 100 bar of air usage. If it uses 1.5 bar per shot, then you get around 70 good shots. If regulated, you can take advantage of the upper fill range. Assuming a reg set point of 125 bar, then you have 125 bar of efficient air use, or something over 80 shots. From 125 bar down, they will be the same. The number of acceptable shots might not be huge, but it's much more shooter friendly, since you don't have to be as concerned about monitoring your fill and watching the pressure. 

With all the market demand for high end rifles, it has become assumed by many that a regulated rifle is required for top performance. Obviously, this isn't true, but it adds a dimensioni of convenience, and a small incremental increase in performance, in exchange for an additional mechanical feature that will require maintenance. I like them because I'm too lazy to micromanage the air. 
 
I guess I should give a little more info regarding my question. I am looking at the "budget" models (though quickly getting higher than my budget). The recent, though not available JTS Airacuda in both regulated and unregulated with just over $100 difference in price looks very interesting, though perhaps out of reach by the time they get to market (I am skeptical of those price quotes). My original considerations were in the $250-$300 range (Gauntlet, Origin, Avenger), but now even those plastic guns from the "land of the not quite right" are $100 higher, give or take. And, except for the Origin, I still have to get a pump after that to make the thing work. So, that's why I asked. If there is a work-around that will get close to the same results at $100 less, it is a factor for me. I shoot paper, so like ragged hole stuff more than max FPE. I've dealt with drop and drift before (F-class in powder burners), so that's not as big a deal, plus I can go full power if / when I need the distance (just calibrate the scope mentally for such circumstances). Bottom line, $400+ for a regulated JTS is out of my budget, but if it is necessary / worth it, I'll figure a way (just hang it on the wall to look at until I raise enough more to buy a pump! :). If the $320 unregulated one will give me close to the same results at reduced power for 20 or 30 shots (rather than 70), I can just pump more often to keep it in the sweet spot (same with others). If it's about hammer spring and transfer port magic... well, it's just the same accuracy / inaccuracy issue, but less powerful is all (so really not even a useful comparison).

Thanks for the responses so far. 
 
I think you should buy the rifle of your choice that is within your budget. Get started and enjoy. You can determine later just how deep you want to get into this thing. Don't be concerned with a reg. In fact, I would be skeptical of buying a regulated rifle that is in the price range you mention. Since you will be on a steep learning curve for a while, a regulator is one less potential problem. The one-hole accuracy you seek might be difficult to find within your budget, but you can get started on the basics, go from there. 
 
When you first get your unregulated PCP you will fill it to max and do a shot string across the chronograph. When you see the velocity peak you will record the pressure. When you see the velocity finally drop below what you find acceptable you record that pressure. Now you have the new PSI or bar that you will fill to and the PSI or bar you have to refill at. You will probably find that you won’t be pumping as much as you thought. If your gun has a good components and is shooting at the proper speed, it will be regulated gun accurate. My buddies unregulated guns shoot right with my guns at the same velocities. Remember, a pellet can only go so fast and still be accurate.
 
Many times regulator creep is a scapegoat for the hammer spring tension simply being set incorrectly.

A well tuned unregulated gun will hold a tight velocity spread over a wide range of pressure. The same principle applies to a regulated gun, but it won’t if it’s being asked to do something an unregulated gun would never be expected to do. 
 
I'm considering the jump to PCP (accuracy at 50+ yds and multiple shots). I get the difference of how regulated works vs unregulated, but my question is: If you shoot an unregulated PCP at a reduced pressure (some have 3 or more externally selectable options for various degrees of reduced velocity) will it act somewhat like a regulated model? Has anyone done a test of this (with holes in paper and a chrony)? Has anybody seen, or have hard numbers on a test like this?

Thanks in advance for any responses

I think the gist of your question is whether or not an unregulated gun gives up anything, in the accuracy department, to a regulated gun. 

When I shoot my unregulated field target gun at matches I often score higher than guys shooting regulated guns. An unregulated gun gives up nothing in accuracy to a regulated gun. The kicker is that you've got to be very cognizant of fill pressures. As Vetmx said, if you figure out at what pressure window the gun produces consistent fps and only take shots when the pressure is in that window, then the gun will not be outshot (accuracy) by a regulated one.
 
When you first get your unregulated PCP you will fill it to max and do a shot string across the chronograph. When you see the velocity peak you will record the pressure. When you see the velocity finally drop below what you find acceptable you record that pressure. Now you have the new PSI or bar that you will fill to and the PSI or bar you have to refill at. You will probably find that you won’t be pumping as much as you thought. If your gun has a good components and is shooting at the proper speed, it will be regulated gun accurate. My buddies unregulated guns shoot right with my guns at the same velocities. Remember, a pellet can only go so fast and still be accurate.

I have the Benjamin Cayden, it's unregulated, good shot strings, plenty of power, and not pellet fussy. With the transfer port set halfway, using crosman 14.3 grain pellets, I get 8 mags at the distances you mentioned. I don't know if this is a rifle that will fit your budget, you can find them on sale if you hunt around. I got mine for $ 430.00 shipped, on Amazon. I've had it for over a year and (knock on wood) no issues, other then the time to shoot LOL!

TODD