No, I wouldn't, and I don't think it's necessary to insist that you have an editor who is working in Wales on the PCC or whatever follows from the PCC. The code of practice applies right across the UK. Certainly as far as Wales is concerned, the law is the same as in England and journalists should be following the code and obeying the law.
I do think there needs to be a single regulatory body. Not as much as splitting England and Scotland but I've seen it suggested that perhaps the PCC could continue and simply regulate for the local and regional press, something else could regulate the national press, and I disagree with that because I think that would suggest that the PCC, or whatever follows it, and the regional press in some way is second division or the journalism that's being regulated is lesser --