Fuel pressure problem..I'm at a loss.

ditch the regulator. Jamb a holley jet into your fuel line before the carb and see what pressure you get after this. I think your regulator is faulty if your pressure goes to zero, ie its at full passthrough on a bypass or its on full lockdown on a deadhead.
View attachment 1715767430
I would tend to agree but, it did this before the regulator was on it also.