As a follow up to my comments, I removed the holly fuel pressure regulator. I took the guage off it and put a hose fitting on the guage. I wanted to see what I was getting at the furthest carb.,so I removed the hose at carb and inserted and clamped the guage on it. When I turned the pump on I get exactly 3-1/4 psi. Interesting because the pump says 4 - 5 psi.
So on mine the regulator is in the tool box as it is not needed. It seems that the holly fpr and guage set up is not reliable for accurate readings. At least on mine. Your best bet is to actually check psi at carbs!