There are several options:
I'd like to add:
4) add a parameter to $regsub() to make its subtext parameter behave like that of $regsubex()
After all, $regsub() already has the right overall syntax for this feature suggestion; it just doesn't behave exactly like $regsubex() does. Changing $regsubex() to return a different kind of value based on a parameter or property is a bit weird I think.