Actually, If the fuel pressure system is still the return system like it on my 96, then he can replace/remove the fuel pressure regulator. It simply unbolts from the rearward part of the driver side fuel rail, and the aftermarket (I think BBK makes some) regulator replaces this as the stock one did.
They say that reducing the fuel pressure will gain some power, but that is by leaning out the car, which isn't always a good thing if you get too lean. I DO agree with SAM98 that, to compensate for the lost fuel, the car, In order to regain its wanted A/F ratio, will simply dump more fuel through the injectors, thereby negating any advantage.
I'd just save your money for your PI swap