93 S10 blazer fuel pressure strange question???

Hello all, I got a strange question, (maybe not as strange as I may think). Anyway, I've got a 1993 S-10 blazer with 4.3L V-6, and recently it died on the side of the road. Once I got it pulled home, I put a fuel pressure guage on it. My fuel pressure would not get over 20-25 psi with the fuel pump jumpered out to run all the time. So, I squeezed my return line off with a pair of vice grips, and suddenly my pressure jumped up to between 54-62 psi, (I'm thinking its the regulator for sure now, well I thought!!!!). Then I pulled the vice grips off, and pressure stayed at 54-62 psi. I removed the jumper wire, and have tried starting it, and every time, the thing starts and the pressure is right on still. It makes sense that if I pinched off the return line, the pressure went up, that tells me that the pump can make the pressure. However, if it was the regulator I would expect it to go back down to the original 20-25 psi that I originally had, right???? Please give me some good suggestions here.
Best Regards,
Thomas