with the walbro fuel pump, you MUST drill out the J-tube, lest you run ridiculously rich. your stock fuel pressure regulator will be fine, but the J-tube WILL NOT bleed the pressure off fast enough to the return line. just follow the return line from the fuel pressure regulator down to the metal pipe that's bolted to the side of the block. that's the J-tube.
to drill it out, take off the rubber hose that connects to the back of it, (going to the back of the car and fuel tank), and simply drill it out to the size of the rest of the inner diameter, or bypass it completely with some new rubber hose from your local autoparts store. (it doesnt have to hold crazy amounts of pressure, as the return line is NOT pressurized.)
link:
http://www.supramania.com/forums/showthread.php?t=34548