That regulator only adjusts down to 36 psi. Perhaps you need a different regulator.
"If the fuel system pressure needs to be adjustable, better is this Bosch 0 280 160 001. It’s used in the very old Bosch D-Jetronic system. (You’ll find it one the VW Type III 1968-1973, Porsche 914 1970-1976 1.7L or 2 litre, Saab 1969-1974, Volvo, and Renault 1972-1974.) Nearly 40 years after it was first produced, this regulator is an ideal upgrade for returnless fuel systems. It’s still widely available from fuel injection specialists and costs just AUD$77.
The adjustment screw of the D-Jetronic reg allows variation in the fuel pressure from 2.5 – 3.1 Bar (36 – 45 psi), which is enough range for most returnless fuel systems. However, if you remove the jam nut and so allow the screw to be turned further inwards, fuel pressure can be j-u-s-t lifted to 50 psi – any higher and the pressure starts to fluctuate."