It might help if you understood what the vacuum line does. It provides a reference point for the fuel pressure.
The external guage measures atomspheric. So by disconnecting the vacuum line, the regulator is also operating atomspheric.
The fuel pressure is susposed to 40 PSI above the intake manifold pressure. At an idle, the intake is under vaccuum. To correctly compensate, the fuel pressure is "referenced" to the lower vacuum pressure (40-10=30).
Under a boosted application, the intake manifold is under pressure. Let's say the boost is 10 PSI. Then the fuel pressure should be 50 PSI (40+10=50).
What many ppl do for a quick test is to disconnect the vaccuum line. The fuel pressure is now atomspheric referenced and should be 40 PSI (for a Mustang).
Do not drive the car with the vacuum reference line disconnected. It will mess up the AF ratio. Under boosted applications, motor damage is likely.