DRAMA ALERT, DRAMA ALERT !!! 
:violin:
So, I sent the aftermarket fuel pressure regulators back to the eBay seller after having tested them per the procedure in the Mercruiser Manual #16, pages 5C-61 & 5C-63, which call for the ignition to be turned on for 2 seconds and observe the pressure gauge connected to the schrader valve.
Pressure is supposed to be 34-38 psi and holding. My original regulator on the port engine was 30 psi. The starboard engine was 34 psi.
Neither of the new regulators would pass this test. One regulator would hold at about 25-28 psi and the other regulator did the same but would loose pressure after about 3 more seconds. I further tested on a bench using air pressure and niether would hold 34 psi and one leaked air constantly regardless of the pressure.
So, I sent them back to the eBay seller, who tested tested them (not sure of the procedure he used). He has refunded my payment, but also let me know that the regulators tested at 35 and 33 psi, and that I needed to refer to the Service Bulletins on the regulators to get a proper test.
Well, I looked for service bulletins on these regulators and the VST system in general, and have not found anything that supersedes the testing process in the manual.
Can you guys point me in the right direction on any service bulletins. :hail: The seller also asked early on in our dialog if I had tested the regulators while the engine was running, (which I am not really able to since I have to remove the intake plenum to get to the schrader valve. My understanding is that with the engine running the pressure should be 37-43 psi (higher than the static testing of 34-38 psi).
Not that it is a big deal, since I got refunded the $$$, but I would like to fully understand the regulator testing and any service bulletins, so when my Mercruiser OEM parts arrive, I can be sure to test them correctly, etc.
BTW - I did try the 'eBay' regulator in the engine and the engine seemed to quickly heat up faster than I had ever seen it, to a point where I felt it wise to shut it down.

:facepalm: