I pulled the smaller o-ring and the plastic collar off and left the larger ~1" o-ring on the stock regulator and re-installed it. It bypasses enough fuel that it does not affect my external regulator and still acts as a cap. It works very well and you don't need to worry about building a cap or any screwing around with sealers. Just make sure when you put it back in and re-install the screws to pull the regulator back to the screws again to allow as much flow as possible.
This is also nice because if you ever wanted to go back again just put the o-ring and plastic collar back on and your set.
Thanks,Dan