Here is the Mallory bypass unit I picked up at Jegs. I actually hooked up the fuel pressure guage wrong in the picture but I'll explain.
The bottom outlet is the return line. There are 4 side outlets of which 2 are plugged.
The fuel pressure guage is actually mounted on the line going to the carburetor. (top left on mine) The intake is top right.
The nut and thread at the top adjusts your bottom outlet apperture which directly controls your psi.
Essentially, when you back the bolt out, the fuel pressure drop, and when you screw it in, the fuel pressure goes up.
One thing though, which can drive you crazy. As the oil-filled fuel pressure guage heats up, its value changes and it reduces the indicated pressure, even though the pressure hasn't changed at all. You want this regulator and fuel pressure guage in a relatively cool place or else get a standard fuel pressure guage, not oil filled.
Good luck with your carb.
Arn
[This message has been edited by Arns85GT (edited 02-14-2005).]