Yes, the filter/regulator sits right on top of the pump on top of the tank.
No you can't swap in a new one without dropping the tank. Unless you want to cut a big hole in the floor of you cargo area.
If it's relatively stock it's easy to do. Just run it until you have less than 1/4 tank to make moving the tank around easier.
You'll need a floor jack, a screwdriver to remove the filler pipe and vent hose, and a 14mm ratcheting wrench. A regular wrench will work, just takes longer. A friend and a six-pack of beer ALWAYS helps.
I've done mine twice now. it only takes 10-15 minutes to drop it.
To swap out the regulator itself, pop off the stainless clip with a screwdriver. Your new regulator should come with a new clip, if not just be careful not to damage the old one.
Then you need to get two big screwdrivers under the regulator 180 degrees apart and pry it out. There are 2 o-rings on the stem. The smaller one seals the pump to the outlet and the larger one keeps dirt out of the system.
If yours is like mine was, it takes a bit of muscle to pop it out as the o-ring on top hardens.
Use your favorite lube on the new o-rings prior to installation.
Also, if you buy from Morris 4X4, they are a sponsor here. Scroll to the top of the page and hit "Sponsor Info". Look for Morris and they have a coupon code for 10% off......