Put a fuel rated pressure gage on both lines and see what's going on.
Unless you just want to confirm the advice a few of us have given regarding return line size...
Messing around with the regulator isn't a worthwhile task
until you have replaced the return line. It may run flawless after doing this one thing.
We've had the problems, or know someone who has. we've cussed, thrown tools, stared at the manual, troubleshooted with some buddies, checked and rechecked every factor involved with the TBI system.
Everyone's first answer has been fuel return line. You admitted it was stock. My stock was 1/8. Everyone here has gone to a larger line. That's the best first step. see what happens.
How the heck is your regulator going to send extra fuel pressure back to the tank, when the line is too narrow?
It's not. The pump keeps pumping, regardless of built-up pressure.
Adjusting the regulator will only cause you major headaches at this point.
Dropping the fuel tank isn't fun. but with a jack and some boards, it's an fairly simple, one man job. you want wider lines, all the way to the fuel sender assembly. there's a small segment of 1/4 steel line that's the "elbow" you connect to. Your system can overcome that small amount of back-pressure. Use 3/8 line, and a pair of Fuel Hose clamps, screw on the side, not the top.
The lines are safely run on the passenger side rail. I've seen people run fuel hose inches from their exhaust before. Not smart. It's a
very fit running hose in this area, make sure you don't pinch a hose while re-installing. Go slow. Use a very bright flashlight or headlamp.
Now while you're under there...
Make sure your return isn't hooked to a "tank vent". Make sure you have good line
s from the tank vents to the rollover and check valve area.(behind driver taillight) make sure this goes to the canister.
This (vapor check rollover system)
can be a can of worms, since many Jeepers have disconnected them for whatever reasons. This is a project for another day, if you want. Make sure you have new vent line
s from the tank, to this area, now.
Check your gauge sender ground and lead connection too. clean and put some dielectric grease on, too.