Is the leafvac absolutely needed? - No, but you will be emptying the pump basket more frequently than you emptied the leafvac. You would be surprised how much debris the leafvac captures. Egen though I don't have a heavy leaf load, anything that settles to the bottom of the pool will eventually get captured by the leafvac.
The one shown in your pic is the original design. It's the one I have too. The newer version is made out of a different material that should hold up better. The internal net has been replaced with a deep basket. A fully replafement unit is a little over $200
My guess is your pool was built by Shasta as they tended to use that gold colored paint that is mostly worn off your pipes and equipment.
Heed Matt's advice about not using cheap ball valves in the plumbing. For the 1.5" and larger lines, use Jandy valves. For the 3/4" aerator and dek-chlor (inline puck chlorinator), use a good quality double-union ball valve - as they require no cutting/gluing to replace them. And also his suggestion to paint all the above PVC piping (and repaint every few years as needed) - a couple rattle cans of Krylon is cheap insurance. No need to paint the black Jandy valves or your particular Hayward sand filter vessel.