My opinion? I wouldn't do that because it sounds like a lot of re-engineering. Better known as trying to reinvent the wheel. I won't say to not do it. I can't think of any issues other than the one the you've already mentioned. I just won't be trying to do that myself. I'll have the regulator along the frame, close to the Holley black. My separate return will go from it straight to the tank. The engine return will still keep it's original routing.