They're useful for running mobile radio gear. I have a 40 amp 6-15vdc regulated supply that I use for CB stuff and working on car amplifiers. Short of stuff like that which actually needs a relatively constant output voltage though, there isn't a huge advantage to a regulated supply for things like solenoid valves.
If the existing selenium rectifier setup is a full wave bridge, then you'd need a full wave bridge rectifier to sub for it.
If the existing selenium rectifier setup is a full wave bridge, then you'd need a full wave bridge rectifier to sub for it.