Well, that verifies you have a fuel pressure issue.. but doesn't narrow down why. You could have a bad check valve in the pump, leaking injectors, or a bad regulator. If you block off the return line and the fuel pressure builds above 60 PSI and doesn't bleed down anymore, you will have narrowed it down to the FPR.
If you block the return line and pressure still doesn't build and still bleeds down, then you need to check power and ground wires at the pump to make sure they are solid. If they are, then you have a bad pump.
If the pump build up above 60, but still bleeds down, you should check fuel volume by seeing how fast it fills a container of a known size. If volume is good, then you will need to pull the manifold and fuel rail out with the injectors still connected and see if you can see the injectors actually leak. If they aren't leaking, then it is a bad pump.