The test for regulator is *supposed* to be pinching off the return line and watching pressure to ensure the pump can attain the PSI it's rated for, but I don't think that is a good idea with the braided lines, at all.
Testing TBI and TPI both at the fuel filter, I saw spec pressure. As I shimmed the stock TBI regulator spring I did all my testing at that location and could see the difference in pressure. Without being able to pinch the return line though, it could be a pump or the regulator if pressure is low.
Unless the pump is bad (or leaking in the tank) I don't see how it can be anything but the regulator.
Think of the regulator as a calibrated fuel leak. If pressure goes under whatever its set for (GM spec is 9-13PSI) it shuts, creating a "closed" fuel system that the pump is forcing fuel into. Once pressure reaches the regulators set point, the regulator leaks fuel back into the return line. Obviously it's not an on/off/on type deal, but you get the idea. This is how the fuel pressure is (theoretically) maintained at a constant whether the injectors are wide open under full throttle, or barely injecting fuel at idle. Little fuel is bypassed into the return line under heavy throttle, and much more is bypassed under light throttle conditions.