Disconnect the fuel return line from the IP, then remove the fitting/housing pressure regulating valve that the return line connects to from the "top" cover of the IP (for reference about what area we are talking about, that cover is retained to the IP by 3 screws).
Look inside the pump side of the fitting for "coffee grounds" that indicate the originally CLEAR "governor damper ring" has blackened from fuel, heat, and age and broken up.
If you feel you can do it safely, and deal with the trickle of fuel that will come out of the IP, start then engine and see if it continues to run now.
If it does, either the regulating valve/fitting is plugged with damper ring debris or the return line is plugged or crushed somewhere between the IP and the tank.
If there's debris in the valve/fitting the IP will need to be torn down and repaired.
Some guys condone breaking the glass checkball out of the valve so it will pass debris easier and continuing to run the engine 'til a "better time" for repairs.
I don't believe in that because the valve is there to maintain a fixed housing pressure for proper operation of the pump, and continuing to run it risks the governor parts going "metal to metal" after all the plastic is gone, wearing off the pins, then the engine will overspeed.
(BTW, "PELLETHANE RING" refers to the type of plastic that one poster here believes the ring is made out of, NOT sure if that's correct or not, but I'm gonna GUESS you'll get a pretty blank stare at most IP shops if you tell them your "PELLETHANE RING" is bad.
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