Well, my two cents, if that is a nozzle pressure it is WAY TOO HIGH! I don't want to see nozzles pressures any more than 10-15 PSI above optimal nozzle operating pressure in a given zone, and even that is pushing it. This is especially true if you are not using a pressure regulating stem.
Personally I would lean towards a pressure regulating master valve, not because they are better than an appropriate PRV, but because you gain additional benefits from having a master valve on the system.
Yeah that would be operating pressure of the spray zone: 98 psi. Most of the time unless there is a large amounts of mist I dont woory about the pressure being too high. I didnt take a static reading at the DCVA in the mech room but my guess is its about 105psi. The zone I took the reading on is around 12gpm