Unfortunately, Blue and Gold comes from the same financial pool as Cal Grant: they are both needs based which is completely different from merit based aid. They offset each other so qualifying for both will not decrease your net cost.
Regardless of which needs based aid you qualify for the virtue of it being needs based means that you will at some point be cut off prior to your net cost reaching $0. Recently it’s, as @ucbalumnus pointed out, around 8k-10k annually. If all your aid is needs based, there is no way to avoid either paying out of pocket or taking out a loan. Essentially they are saying that since you qualify for more aid, they can allocate a portion of your share to someone else that “needs” it more.
Additionally, I absolutely concur with @luckie1367. All serious contenders for the transfer Regent’s have a 4.0 yet very few actually get them. If you look at older threads, you’ll see less than 1 out of 10 students with “perfect” stats actually receive the transfer Regent’s scholarship.