Chris, Mark does have a proper fuel pressure tester, and that was one of the first things we checked. The gauges read within about 2 psi variance at 40 psi. - Sadly, not that.
As Darren said, when we first checked the pump, it was clearly leaking from the lower hose connection, but after we replaced that, if you were to restrict the pumps output, you could actually phisically stop the pump and the current draw went massively up as you'd expect it to.
The power supply was perfect reading at 13.8 volts minimum.
We also replaced a piece of weak hose, but that made no difference either.
His regulator is where the charcoal cannister would have been. Exactly the same place as mine, and many others that I've worked on. Yes, it gets warm, but nothing excessive, and I certainly don't have this problem.
it's a strange one. Probably something really simple, but until I can find it, it's annoying...