what you are describing is most likely a PRV pressure reducing valve.
water comes in from street at about 80ish psi and this thing dials it down to about 40-50ish
the screw is indeed what regulates flow.. in for reduced pressure out for increase.
you can increase it if you want, its an easy way to increase pressure with no cost.
the only device i can really see having a problem with the increase in pressure would be the dishwasher. having said that, it depends on the plumbing used to connect it. most hose these days is rated for at least 100 psi so shouldnt be an issue.
i did it at my house, cranked it full and have not had a problem in almost 2 years.
P.S
the PRV will have a min/max value clearly labeled on the unit, so you have an idea of how much is flowing through
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