A valve will have instructions on it, but I think any model can be installed on a vertical pipe.
When they fail, it usually involves leak by, meaning the pressure on the house creeps up to full street pressure; or they get "stuck" such that when you turn on a tap, the pressure drops. They don't "leak" if you mean a puddle on the floor! They can last anywhere from 5 to 20 years. A lot depends on your local water quality. Water with grit or sand, or high mineral content, will shorten life. The valves will cost in the range of $35 to $85.
Residential PRV often are preset at the factory at 55 PSI. In general, the adjustable range is 25 to 75. The normal, or user-friendly , range, is condsidered to be in that 50 to 65 range.