Converting from systemd-boot encrypted to grub

do i need to regenerate initramfs after this?

Yes. sudo dracut-rebuild

Will I be able to use systemdboot with eos-dracut? Keeping in mind the systemdboot installation is there.
What’s the difference between eos-dracut and kernel-install-for-dracut

Not in the way that EOS uses systemd-boot.

kernel-install-for-dracut uses kernel-install(part of systemd-boot) to install the kernel and boot images in compliance with the Boot Loader Specification(BLS).

eos-dracut installs the kernel and boot images in /boot as it more typical for Arch but not as specified by the BLS.