Air Bubbles In Fuel Line

Hello. I need help from people more experienced than I at diagnosing fuel delivery problems.

Car = 1974 Dodge Dart Swinger factory 318.

Modifications = Summit Racing cam #6900, 2bbl to 4bbl conversion using factory Chrysler iron spreadbore (<--edited from squarebore) intake manifold, Quadrajet carb. NEW Carter fuel pump.

Symptoms: Runs fine until I stomp on it. From a stop it will go good, I can hear the infamous sound of the secondaries opening up (bbwwaaaahhHH!) Then after about 5 seconds it falls on its face. Almost stops running. Then something "catches" up and I can repeat the same procedure immediately and get the same result. I opened up the carb, readjusted the float to specifications, bench tested the float and level ok before reinstalling. I don't believe this is a "bog" issue of the secondaries as they weren't even opening when I first encountered this problem.

Test: Replaced fuel filter
Results: No improvement

Test: Ran with NO fuel filter
Results: No Improvement

Test: I wanted to see how "strong" the fuel flow was so I disconnected the fuel line at the carb. Ran a funnel and clear line to the carb to test run the engine with the fuel pump disconnected from the carb. Ran a second clear line from the output of the fuel pump into a small gas can. Started the engine. Bubbles GALORE. I tried revving the engine. More bubbles. I'm not talking one or two, I'm talking more than comes up from the bottom of an aquarium at the pet store. It did it both at idle and higher rpm.

Questions: Is this normal? Should it just be solid fuel coming through the line with no air in it? Am I sucking up air from somewhere behind the pump? Maybe with the rubber connections near the tank? I have NOT inspected the tank. Should I go get a fuel pressure gauge, a much easier task, before dropping the tank for inspection?

I really think the symptoms I'm experiencing come from fuel starvation. And although I know the Quadrajet has a small bowl, this wouldn't even make it half track down the strip. That can't be right.

Thanks for advice fuel delivery gurus