Manual pump VS stock, does computer regulate fuel at pump?

I'm interested in the answer too, my gut says that the pump pumps full pressure and the regulator controles the pressure to the EFI.

The computer would control the injectors, so like the AC power in your house, you have ~2000 watts available even if you only use 20 watts.

You have full throttle fuel flow and pressure avalible even if you are only at part throttle
That's my guess too
The PCM only turns on the fuel pump via the ASD relay after is has a cam and a crank signal from the sensors. It will turn on for about 2 seconds when the key is first turned on then turn right back off. This is just to keep prime in the fuel system. Fuel pressure is regulated by the pressure regulator located on the top of the pump itself. It is a return less system. There is no loop (return line) like early fuel injection systems had.
Thanks to everyone for the info it's very helpful.