Alot of aftermarket regulators wont hold pressure like a factory regulator does. Try blocking flow on the return hose and see if it still bleeds off or holds pressure. If it does hold pressure then you know its the fpr. if it still doesnt hold pressure then start looking further down the fuel setup for leaks or a leak in the pressure hose inside the tank.
EDIT: if i would have read all the post i would have seen that farmtruc already said all that.