Seems odd to me that they would ship a product out and expect you to use an almost 30 year old spring with it, but maybe that's just me. That spring is not approaching coil bind even all the way "loose", right? I know that GM used a couple different FPR setups, I can't remember if the springs stayed the same or if there were a couple different length springs based on the design. Could be a factor I suppose.
As long as you don't have any issues from running that much pressure I wouldn't worry. Open loop idle/cold starts may get ugly, and wide open throttle may be too rich, but without putting a scanner and wideband O2 on it, not really any way to know for sure, other than seat of the pants and perhaps MPG if you watch that sort of thing.
A TBI pump will never hit 40PSI even if deadheaded, they just can't build that sort of pressure. You could disconect the return line and put it in a bucket I suppose, but that assumes the passages in the TBI and the outlet line from the TBI are good.