The pressure issue is something I was not even thinking about. I guess 7 or 8 psi should be my max?
That's extremely high. My 1966 Toronado with a 400hp engine requires a pump in the range 7 3/4 - 9psi. There's no way you need 7 or 8 psi on a 76 year old inline six.
My 216's pump registers between 2.5 and 3psi.