I run a return type regulator on my '70 with carbs.

It bleeds of both from the high pressure side and the regulated low pressure side of the regulator. It's basically a controlled leak to the fuel tank through two separate hoses that each have a restricting jet in the line. The hoses join together after the jet and flow back to the tank in one line.

You can plumb your system the way you described with your dead head regulator, but you will probably want to restrict that flow back to the tank. Otherwise you fuel pump will be running at near full capacity to maintain pressure. Once your carbs are wide open, you may not have enough flow to keep up with a 1/4" hole in your low pressure side.

You can also run one of those 3 nipple fuel filters that come with a metered third nipple.

Insulating your fuel lines around your engine and exhaust can also help keep your fuel cooler.