Fuel System design
Carl, that Holley blue set up would work fine. You could also get away with a good mechanical pump with 3/8 all the way. I'd run it closer to 7 psi, as long as the needle and seat aren't being overpowered.
Return systems take wear and tear off the pump as it's not loading against the line pressure. Is a return required, no. Return systems also keep a cooler fuel charge in the line.