You can always do what you want with your airgun. But getting the regulator setting matched up with the hammer spring setting seems to really help the gun shoot much better. I am not an adherent to the "95-97%" rule but I do look for the hammer spring setting that gives me maximum velocity for the regulator setting but I then try settings a little more and a little less than that setting. On my Avenger going a little over the max hammer spring setting for velocity significantly reduced group size. On at least my last two P35s it did not seem to make a difference. I think the 95-97% is to maximize efficiency.
I first test a variety of pellets to find the ones my gun likes best. I use a reasonable velocity for this, not over 900 fps and at least 700 fps, but not necessarily where I want to end up. I've consistently found that the pellets that shoot best continue to shoot best when I raise or lower the velocity a little. Bad is Bad and Good is Good. Slowing them up or driving them harder doesn't change things - when you stay at reasonable speed for the projectile. Then I adjust the regulator to give me 800-900 fps and get the hammer spring adjusted to support that regulator setting. My Avenger regulator is set to about 2000 psi and I'm shooting FX 25.4s at 930 fps. I think that's a bit fast for pellets and my limited testing at longer range supports that but I rarely shoot the gun and need to do more testing. I'll probably adjust the regulator to drop velocity to more like 875 or I'll switch to using 33.95s. But it shoots very well at 25-35 yards. So I've left it alone.
I doubt you are getting more velocity at 2900 than you would at 2500, maybe 2400 psi. I've tested mine up to 2500 and the benefit of more pressure was rapidly decreasing. I never found a slug my gun likes, I hope you have better luck. Maybe it was the way I was tuning it.