Fuel pressure fluctuation

The pump has a little age on it, but not much. The reg is almost brand new. I was thinking probably the pump, but hoping not. Maybe I'll just replace them both at the same time.

It's hard to say about a electric pump. If you ran a hose off the pump into a gas can and it is pumping the crap out of gas then I wouldn't say its the fuel pump. Unless however the pump isn't feeling any pressure when it is just dumping into a gas can.