So it begs to ask does running a regulated return really make any difference?? If the point is to now run a low PSI why run a return system. Just feed the main pump clean fuel and get the blue spring installed.
The point is VOLUME/FLOW, not pressure. If you have adequate volume/flow...and proper pressure management...pressure is easy.
Take the stock system for example. The regulator is in the filter bowl. That means that the very first "drain" on the system is before the filter. As the filter gets dirty and the pressure drop across it increases, more and more fuel will be returned to the tank instead of going to the injectors.
Next in the stock system is the small fuel line size and tiny banjos with checkvalves. There is nothing good about the flow of those pieces...which represents more pressure drop.
Finally, you have the actual demand (injectors). This is where having adequate flow is critical...obviously. These represent another pressure drop in the system because they rob fuel from the rail...each injector is a drain on the rail.
So what is the actual pressure at the injectors under load with a stock system? I've never measured after the rails with a stock regulator because I already knew it wouldn't be better than taking the measurement at the bowl. I have seen pressure drop across a stock filter of 2-5psi (depending on the condition of the filter). Add to that the drop from fittings, resistance of the fuel flowing against the walls of the tubing and fuel rail, fuel used by the fuel injectors (particularly with a hot tune...and even more with larger than stock injectors) and you can count on several more PSI of pressure drop to the rear of the rail. If you've measured pressure at the bowl and assume between 5-10psi of drop through the filter and rails...that's probably pretty safe.
Way back when I first designed my 6.0L kit, my personal truck had an Edge Juice with Attitude (long before SCT). Stock injectors and a stock pump, with the J/A on kill and a bone stock fuel system...20psi+ of pressure drop at the bowl! There is NO way I should have ever had that much drop, and it wasn't the fault of the pump. There was plenty of flow, but piss poor pressure management. The stock pressure at idle was about 52psi (at the bowl, pre-filter), the stock regulator spring should have had no problem maintaining that pressure were it not for the fact that the stock regulator design sucks and makes it's job really hard. With NO other changes except installing my complete RR kit, 65psi...rock steady...same stock pump...and it held that pressure later with larger injectors and SCT tunes too boot.
What changed? First, no longer had a leak at the front end of the fuel system (stock regulator poppet valve). The pump was always moving enough volume, but leaking it back to the tank before it even got to the injectors didn't help with trying to maintain pressure. Second...we reduced the pressure drop by making the feed lines larger in diameter, switching to larger high flowing banjo bolts and banjo fittings and getting rid of the checkvalves. Now all of the fuel was flowing to the fuel rails all of the time, and doing it with less resistance/pressure drop...which makes it much easier to maintain pressure. Even if I'd set the regulator to the same 52psi, the injectors were seeing an increased flow of fuel and the pressure was being managed AFTER all of the pressure drop instead of before it...this is why we do a regulated return!
You mentioned doing a "set pressure pump" and doing a Y to the heads with no return. This can work if done better than the stock setup, but I still disagree with doing pressure management before the system pressure drop and before the demand. By the time the fuel makes it through whatever filters and through the rails, the pressure at the end of the circuit won't be the same as at the regulator in the pump. You can turn the pump up (run the pump at 70psi hoping for a final of 65psi in the rail)...but regulating the pressure before all of the drop and demand just isn't ideal in my opinion.
Just my thoughts...for whatever they might be worth.