1969 Barracuda 340 Formula S Restoration
I decided to check the pump to make sure I hadn't damaged it by running it backwards. It pumped OK and had ~60 psi when dead headed as expected (it is a returnless pump with a built in regulator.) Then it started sucking some air, but I still had about 1" of fuel left in the tank!! I double checked to ensure the fuel filter was on the bottom of the tank.
Anyway, it tuns out that the filter is just a plain filter and not one of Holley's HydraMats A HydraMat will only allow fuel through and not air. I'm going to order a HydraMat to replace the suction filter.
https://www.holley.com/products/fuel_systems/hydramat/