50 psi seems a bit high. Bentley specs between 40 & 46psi. When you're running that test, disconnect the vac line from the FPR and make sure pressure rises slightly. If the idle doesn't rise from pulling the vac line, suspect the FPR had failed. Also be sure the FPR line has no leaks.
Then turn the motor off but leave the gauge connected. Residual pressure shouldn't drop off much more than about 10psi an hour or so later.
I'd also do a flow test and jump the fuel pump relay with a jumper in the socket. IIRC our pumps spec out about 100lph, so I'd expect almost 1/2 gal/minute.
Vac leaks are one of the big failings of the M42...triple-check all those hoses. Better yet, consider eliminating the TB heater plumbing. It's a rat's nest under there!