There are a few basic rules when designing a fuel system with an electric pump, I'll give you the basics but if you really want to do it right all the details are discussed in my book.
http://www.4secondsflat.com/Demon_Tuning_Guide.html
1. Electric pumps are not suction pumps so they must be gravity fed.
2. The filter always goes between the source (Cell) and the pump
3. At each restriction point you must drop the line size, so for example -10 from cell to Filter/Pump, -08 from pump to Regulator, -06 from reg to Carb.
4. We never run a filter between the pump and the carb with an electric pump.
5. A relay large enough to carry the voltage draw of the pump should be used and installed as close to the pump as reasonable. Only X-Link wire should be used to supply power to a pump.
6. Always install a shut off switch in the drivers reach.
7. Never use so called Teflon Tape, it's not Teflon it's cheap plastic mostly made in China, junk, you might as well use a Glad sandwich baggy. Use Permatex Liquid Teflon pipe sealer, 2oz tube part #14A.
8. Never use a cast 90* or even a cast 45* they are highly restrictive and will reduce the fuel flow.
9. Don't believe the HP ratings you read about for some of these low end pumps, they are false and only apply to a motor on a Dyno, in the real world of long fuel lines and G forces they won't feed a stout motor. These ratings and how to test your fuel deliver system are in the book.
10. Use only FUEL System fittings and hose as approved by NHRA, Hydraulic lines, copper water pipe and brass fittings are not a good idea and you'll end up replacing the system if you want it to work correctly.
11. Beware of the cheap non-swivel hose ends out there, you'll struggle getting the fittings clocked and end up with twists in the lines which will eventually under heat and pressure wad up and close down the flow.
12. Routing of the lines is important and correctly run will give you that edge over your competition.....it's in book.
13. Regulators should never be solid mounted and the shortest lines to carb as possible will yield best results, our kit comes with 7.5" lines.
14. Just drilling a hole in your stock tank and welding in a fitting is not the right way to do it. A series of baffles that will control the fuel slosh and maintain an ample supply of fuel for the pump is very important. All our tanks come with the correct baffling to do the job, sealed inside and out and the correct delivery and return line fittings to do the job right.
With all this in mind you can also go to our website and look in the tech section for proper fuel system design drawings for various types of pumps.
As far as filters go.....the Fram HP-1 will gravity feed about 55 gallons per hour, what the rate on your Holley red? The Chink copy of the HP-1 by ProForm is just that a Chink copy and worthless unless you change the filter element to the Wix replacement, good luck getting it to seal.
Just another little tech tip....be sure whatever pump you buy is "User Re-Buildable" and kits or parts are readily available. We've gone 100% Aerospace Components pumps, we stock every part in them including motors and we offer a 48 Hour service turn around if you feel you can't or don't want to tackle the job yourself.
There's lots of products that are too big for your motor and will hurt it's performance from heads, cams and carbs but, fuel is not one of them. A properly plumbed and set up 400 GPH pump will work fine on a 318 where as I doubt that a Holley Blue will feed more than a slightly warmed up 340, we use them only for a NOS enrichment valve, never as a motor supply.
Mechanical HV pump are a whole new discussion.....
