I have been running an off-the-shelf electric pump mounted external to the fuel tank for over 3 years with no problems on a 416 rwhp 383 SBC with a 780 CFM (3310 Holley). Pump is designed for carbed cars and puts out 4-6 psi all the time, no bypass. You can read about it on my web site, this fuel pump stuff is located here about 2/3 of the way down the page.
http://64.17.190.253/fiero%20stuff/Fiero%20HTM%20files/other_stuff.htmThe approach is a hill-billy one that has worked great. The pump is very quiet, especially since the engine makes so much noise....
No fuel starvation even during "spirited" driving or autocross.