Fuel pressure regulator plumbing : 850 Demon with a Carter mech. pump

[Kern Dog]

I was having some fuel starvation issues so I pulled my Holley mechanical pump and installed a Carter. the Holley did deliver a steady 6-7 lbs of pressure. This Carter is between 10 and 11. The way I see it, I'd need to install a regulator to keep things kosher.
I'm thinking of installing this one:
http://www.summitracing.com/parts/aei-13201/overview/

It is listed as being a "Non return type" but I wonder if that is because it only has 2 ports. My proposed arrangement is to place the regulator behind the feed line to the secondaries. The "inlet" would be near the back of the engine and the "outlet" would be plumbed into the 1/4" vent line that is currently UNused and capped off.
I'm no expert on this stuff but it seems that if the unit is regulated to a number above what the pump is making, the excess pressure would flow out of the "outlet" port and back to the tank.
Let me know what you think.

 

[SlinktRR]

You might want to install a pressure gauge in-line first to verify how much pressure the pump is putting out when at running temperature, it might not be as much as the spec and could be ideal for your carburetor.

I've seen fuel pump setups that use the 6 pack vapor separator (black canister with 3 inlets/outlets) at the discharge side of the pump to plumb in the 1/4" return line and then have a dial-type fuel pressure regulator after the separator and before the carburetor. These dial regulators can leak so you are better off using a regulator like the one you specified. They also sell regulators that have 3 ports including a return, that would be better so you would have everything in one part.