Replacement plunger out of my spare engine was polished, lubed and reinstalled with the spare MG spring.
All looked very good.  65psi under running.  Around 40psi idling.
Even under hard acceleration to max revs, the psi never exceeded 70.
And there was neglible change under hard braking.  
 
But the plunger appears to have stuck again.  Under high revs it's 65psi, but drops off at idle.  Tried topping up the oil, and made no change.  This all happened after around 4 miles of motoring and the engine was hot.
I have a feeling that there is either crap floating around, or the pressure regulator bore has become pitted or scored.
Either way, I'm out of ideas now.  I can have another look down the bore with my mirror, but whether I can see the cause of the sticking plungers and ball is another matter.
As always, any pointers most gratefully received.  I'm off to work soon, but will have a think about things on the way.
Plus side is the performance of the sump.  Shall I arrange for a run of CNC-folded casettes for early new year???