#2 first. That pcm will not live in the engine compartment. it was designed to go behind the glove compartment in the cab. under the front seat would work fine.
#1 if you T the line into the feed, you will have pressure on both sides of the pressure regulator and it won't work. The return line needs to run all the way back to the tank. OOPs, i just re-read your post. I assume you have an inline pump for your fuel line. i am not sure if it would cause a problem there or not.
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