I smell fuel on the vacuum line on the end that attaches to the regulator and not on the end that attaches to the intake manifold. My fuel pressure is 47-48 psi with the vac line removed. Is it bad?

 

Your fuel pressure reading is fine, but you shouldn't smell gas. I'd monitor it and see if the "leak" grows over time.

 

car is running rich at the moment. Maybe its from the old regulator that i changed out, and i've had the engine probably running for a total of about 2 hours since then. I could really smell the gas in the line with the old regulator

 

with the key on and engine off i'm reading 42 psi, falls to 39 psi with engine at idle but is 48 psi with the vac line off and thats normal??