Budget fuel pressure regulater for return style fuel rails

I've often wondered if this would work for someone wanting to do a cheap pressure reg. Buy a Corvette fuel filter like we usually use for a returnless fuel system, i.e. WIX 33737, and plumb it into the return side coming from the fuel rails. Cap off the single outlet side of the filter so that the fuel pressure is regulated and any excess pressure returns to the tank. Hook the return side from the fuel rail to the 3/8" fitting on filter and and hook the return hose going to the fuel tank to the 5/16" fitting. Standard hose could just be slipped over the fittings and worm gear clamps to hold it on instead of expensive fittings.

This would be a non-adjustable setup but for someone that is really pinching pennies or broke down somewhere with a dead FPR could use this to get on the road again. Fuel pressure would be regulated at 58-60 PSI and vehicle would be good to go.