Doh, Rob is correct altho I thought the fp was set with the hose off if the engine is running.
If that is the case, then the fp should drop when the vacuum hose is connected to the regulator and it should increase to 43 psi when going wot. Read the instructions to see if the base pressure with the hose on, or off, the regulation with the engine running.
If the pressure drops when the engine is idling from where ever it is when the engine is off, then I would guess it more likely to be the pump again rather than the regulator...but, it would seem to be one or the other
I think the best suggestion is to call the help line and make sure the proper set up procedure