Try swapping the FP Gauge. I had been chasing the same problem a while back. Swapped regulators, checked the return lines, etc.... Turned out to be a BAD FP Gauge.
If it isn't the gauge, then check for a kink or extra bend in the return line. Something is restricting fuel returing to the tank.
If nothing is found, then remove the return from the regulator and remove the gas cap from the tank and blow air (from a compressor) through the return.
Gary