Rising Fuel Pressure with Rising RPM?

[StreetStang37]

okay, I have a problem. Im pretty sure its right under my nose and am probably saying the answer but Im just checking with you guys to see if my thinking is correct. I just did the heads intake and cam on my car and in the 3000+ rpm there felt to be a hesitation. I found one of my spark plugs were cracked (porcelain) so I changed my wires and that plug. Now my engine bogs and hesitates at every rpm. I have my fuel pressure set at 40psi w/ the vaccuum off, so at idle it sits at about 32psi. The fuel pressure gauge is mounted under the hood, so I cant tell if it drops when it bogs, but at a stop when I rev it slowly climbing from 900-4500ish rpm the pressure drops to 30psi, but If I take a quick stab at it, it will jump to 40psi. The pressure should be going up as I rev, no matter how slowly I take it up right? How can I tell if it's the fuel pump or fuel pressure regulator? This pump and regulator are less than a week old but Im pretty sure its one of em. What if I disconnect the vaccuum and rev it and the pressure drops? will that tell me there? or have I already found it?
Sorry for the long post, Im sure you guys will come out with the right answer(s). THX.