Pressure regulator bad????

Assuming you have it plumbed correctly, this has to differences in the gauges. Either or both gauges could be wrong, IE one could be reading 1 lb too high, and the other 1 lb too low

Also, leaving a gauge(s) inline is terribly hard on them, unless they have a protective orifice or are oil filled. If the needles vibrate when the needles are opening, they won't be accurate for long.

I like to use refrigeration Schrader valves. You can buy these in all kinds of configurations, but for fuel systems, you can get them with 1/4" flare and a Schrader valve and cap, and the other end in 1/8" male NPT. In fact what I use for checking my (now EFI) pressure is an old refrigeration manifold and hoses, with the "high" side gauge replaced.

Like so:




My 5 buck thrift store refrigeration manifold, with a 0-30 psi gauge on the left. (For TBI) I'll have to replace it when/ if I go to MPFI. The nice thing about using one of these is you can check pressure, shut things off, and use the hoses to bleed off pressure so you don't spray all over