Let's see if I can help answer your questions...
The biggest downside to the Gryphon is the lack of ability to switch on-the-fly like a chip can. To change levels you'd have to go through a full programming session which takes about 3 minutes. Other than that, the tuning is the same.
I don't find 3 settings limiting outside of the fact that programs like Whisper Mode, High Idle and No Start are unusable with a programmer. I've always found 1 program I liked and just drove on that until the wheels fall off. Other folks may feel differently.
In most applications, you will not need the boost regulator. We handle the correction for that in the tuning. Running the boost regulator will affect the accuracy of the gauge on the programmer since it clamps the output to 24 PSI.
I'm sure others will chime in with their opinions shortly.
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