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

Ok fill us in on what components you currently are using. Fuel pump, carb, regulator etc. it seems you’ve covered a lot of bases already and all of us are picking at it. Tell us about the fuel system front to back.
It has a stock tank with 3/8 fuel line and, 1/4 return line, a Carter CRT6903 mechanical pump from the pump it has all -6 an steel braided lines to the Holley HLY-12-803 regulator then, -6 an steel braided line through an Earls filter to a Holley 850 double pumper. I really feel the regulator is the wrong one for this set up. The 1/4 return line has never been hooked under the hood and, this regulator does not support a return line. I'm hoping with the new regulator that is set up for a return line it will be able to vent some vapors from the heat under the hood and, keep the flow of fuel cooler to cut down on vapors.