These are all good ideas. I just keep trying to think about the fact that is runs for so long. None of the suggestions, especially now that we know all the new and refreshed components, seem to pass the "runs for 12 minutes test". Something is developing. It develops in about the same time frame.
Does not fit most of our suggestions.
This is all brainstorming talk.
1. 2.5 psi is a little low. Your test did not show what may happen with pump after it sucks air for 12 minutes.
2. Leaking floats are hard to detect by shaking. Why would a leaky float last for 12 min?
3. The flooding theory is good especially if carb was leaking, BUT my brain says not enough gas. So maybe throw gobs of many at the fuel pump and buy one for $25.
4. Check for vacuum leaks
5. I don't know if an HEI coil acts this way when going out.
6. Does it have power for the 12 minutes? How quickly will it restart WITHOUT pumping?
7. You don't have the right to remain silent, anything you say will be held against you.