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Just so i am thinking right, the regulator has 1 inlet, 1 outlet, and another outlet on the bottom for fuel return, right?

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Probally wrong one inlet, two outlets(Holley carbs ) and one return What brand are you thinking of using? I have several two outlets and several four port outlets, one with a return output Inlet on the bottom, outlets and returns on the top. I like to use the bypass from the pump instead of adding another fuel line from the tank to the regulator and taking another risk of leaks and fires