After reading alot of posts on fuel systems I am wanting to know which is better? I know the bypass pump would be easier to plumb.

IMO, bypass regulators stay more accurate throughout a run then a dead head. I run both a bypass pump to a bypass regulator on my dedicated NOS system.
I run belt drive fuel pump to motor and use bypass regulator at the fuel log.

Bypass regulator. No question.

A return from the pump is just an external bypass (other pumps have an internal bypass). This external bypass keeps the pump pressure from getting too high, and it does cool the pump better than an internal bypass, but it doesn't give you the other advantages of a return regulator.

1. A return regulator lowers the temperature of the fuel all the way up to the regulator, not just up to the pump.

2. A return regulator lowers the pump amp draw and increases pump life. When using a dead-head regulator, the pump is making maximum pressure all the time. When using a return regulator, the pump is only forced to make the regulator set pressure at idle, and only a few psi more at full throttle.

3. A return regulator decreases pump noise.

4. A return regulator keeps fuel moving towards the front of the car. Moving fuel has momentum which helps offset the g-force at launch.

5. When using a return regulator, you can set the fuel pressure even when the engine is not running.

6. When using a return regulator, the bypass at the pump (internal or external) should be disabled. This leaves one less thing to go wrong.

If you are not sure if you want to run a dead-head or a return regulator, we offer one that can function either way:

http://www.robbmcperformance.com/products/regulator.html

Bypass regulator is the best set up for many reasons,but for cost,simplicity and basic function the bypass at the pump for the adverage bracket or class car is sufficient if running carbs and N/A on gas,We have 12 second to 8 second cars that function fine with bypass pumps.Bypass regulators are still the best way to go for hi-hp,alcohol,blowen,turboed and other power added applications.AS not to misunderstand,I'am taking about bypass regulators at the engine since most bypass pumps are also regulated(but at the pump)