Well, you left out the actual braided line you'd need. Don't know how much that costs....but dang, 26 clams for a fuel filter? No wonder you don't wanna upgrade to that other fuel pump. lol Seriously, yes, I imagine 5/16 will support what you wanna do......but there's always the what if factor. Even on my slant 6 build, I am gonna to upgrade to 3/8 line. Unless you just want the look braided line gives you, I would chunk all that in favor of that carter pump, some 1/4 to 3/8 female flare fittins from the hardware store for like 2 bucks and just run 3/8 line with one of them metal can fuel filters for like 5 bucks. 51 bucks for a dual line kit? Really?
http://cgi.ebay.com/ebaymotors/DUAL...r_Truck_Parts_Accessories&hash=item5195f88b12
Like I said, 5/16 will probably support you and you'll never have a problem....but again, I would go 3/8 just for personal preference. Honestly, countin all the high dollar stuff goin to 3/8 would get you OUT of, I think you'd come out ahead. Maybe except for the supply line from the tank and the sendin unit. But you could actually upgrade that last.