Im thinking the same as you maniac. The whine definitely seems to get loud when I slow to idle for a few moments. I'm not sure because of the engine noise, but it seems to go away when under throttle. My senses tell me pressure is backing up when the carbs arent sucking it down. I think I have a "deadhead" regulator on the inner right fender, and I hate the thought now of having to switch regulators and add a new line all the way back to the tank, but...maybe thats what the doctor is ordering.
Not sure about fluid dynamics of this, bit I dont imagine installing some sort of bypass valve inline just after the fuel pump would help. It would be a lot easier to install, but I think most of the fuel would just go right back to the tank.
It seems these fuel pumps are not designed to handle a non-return type system, though the directions definitely have diagram "A" showing a non-return system.
In which case maybe Chryco is right. It could just be a weak or defective unit.