How does my contraption look??
you make a good point....but honestly running a return off the regulator doesnt do the carb one lick of good.
By-pass regs are designed to be inline after carbs. The fuel flows in this order: Fuel tank, filter, HV pump, fuel log which feeds the carbs from two ports, then the reg and back to the tank, just like on many fuel injection systems. Keep in mind there are "dead head" style FI systems with no return off the fuel log.
The only possible way to route as you describe is with four port fuel bowls which are only really availible on Dominators and then the fuel would only cool the top of the carb float bowl. If this would be desired, no return jet would be needed, just another fuel log on the opposite side and then to the regulator and back to the tank. I've never tried this so I can't comment on any gains in regards to driveability with Dominator carbs. Dominators really aren't a street carb, and won't apply to the OPs question. Although they can be and are driven on the street, the cost and tuning requirements for a true street driven car generally preclude this sort of use.
Here's a good link with diagrams in regards to plumbing a return style regulator, note the last diagram:
http://www.barrygrant.com/bgfuel/default.aspx?page=85
The second diagram is for some super HV pumps that absolutely must have a non-regulated return for pump cooling.