Clinton, Yes many years ago I did this with a regular Holley regulator. The truth is it makes more sense than the other way because your not restricting the fuel to raise the pressure.
I also made one with a vacuum nipple above the diaphram to make it "vacuum referenced"...high vacuum would pull the needle up & let more gas return, when the vacuum would go to no/low, the needle would shut (by the spring pressure) & the fuel would all go to the carb. Lorne