Yes. Taken straight from page 2 of the Vibes manual:
"06 ADJUST VELOCITY
Fill the hopper with paintballs and turn it on. While wearing ASTM compliant paintball goggles, in an area where all bystanders are protected, remove the barrel blocker and fire over a chronograph to measure the velocity. Using a 5/32-inch allen wrench on the adjuster in the bottom of the vertical regulator, turn clockwise to increase velocity/pressure, and counter-clockwise to decrease. Take three or four shots after every adjustment to allow the gas pressure inside the Vibe to stabilize. Adjust until the marker is firing consistently within the limits for the field where you are playing (for safety reasons, never adjust the Vibe to fire at greater than 300 feet per second.)"
I don't have much experience with this new version of the Max Flo. If their previous regulators are any indication, I'd guess they are at least decent and will get the job done. I wouldn't recommend spending much money on upgrades for the Vibe, unless you plan on transferring them to your next gun.
Spend your money on a good HPA tank and loader. Possibly a barrel too although that won't be transferable to your next gun most likely.