is this an aftermarket pressure regulator? only those can be adjusted. if you smell fuel then you have a fuel leak. make sure all your fuel lines are tight and check to see if the area around your injectors is dry. you usually burn too much fuel when the o2 sensor is getting a false reading, that will happen do too a faulty o2 sensor, no cat (resistance in the exhaust stream), or an exhaust leak.

you should have around 45lbs at idle and around 50-55 at start up. under load your pressure will rise with rpms.