Bypass , and if you use a fuel log, it is sorta like having larger float bowls and you always have the full volume of fuel available at the carb without having to wait on the regulator. Maybe my junk is wrong, but every one I've had that dead heads, if you hit the throttle with the pump on and the engine off, the needle would drop momentarily ,then you will hear the regulator and then the preasure would go back up. I'm switching mine to a fuel log and bypass this year.
That's my opinion