Okay let me tell you a story. Some years back I had an S10 with a 2.5L 4 banger. I got sick of not having any adjustment to the stock TBI system so I decided to swap on a 2 barrel holly carb. While this is not the same exact scenario here's what I did, the stock fuel pump puts out about 15 psi so I installed a cheap holley FPR and blocked off the return line. Using a fuel pressure gauge I adjusted the FPR to about 5 psi. Basically the fuel pump would deadhead against the regulator. Drove the truck about 4 years like that before the body rusted off, the engine and carb set up still worked great.
Right or wrong it will work. If it was really a high pressure system I wouldn't even try it, but the pump is not strong enough to push past the regulator and as much as I drove mine the wear and tear couldn't have increased much.