Your post is somewhat confusing. You say both pumps quit pumping and then further along in your story you say both pumps never quit running. Both things can't be true. If a pump is running, its pumping.
My experience with standard electric pumps from the parts store is that as long as they are switched on, they continue pumping until powered off. A pressure regulator down the line will have no effect on the fuel pump. The pump will keep pumping if its turned on.
I would eliminate the pressure regulator and buy a pump that operates within your carburetor's specified pressure range. If the service manual says the fuel pressure should be 5-7 psi, buy an electric fuel pump that meets that requirement without going higher or lower.
Electric pumps are designed as pushers, not pullers. They should be installed within about 1 foot from the fuel tank outlet to work properly.
