Lots of ways to go at that HP level. Your existing 3/8" line will work. So will a dead head system ( no return line ). I prefer gearotor style pumps. Mounting doesn't have to be below the tank pickup, but should be as low as practical for street operation - and rubber isolated for noise. Pump should have an internal bypass if you run a dead head system. Fuel line should be as far away as possible from any heat sources in the engine compt. area. You should run pre and post filters, but just a post filter will be ok if you know your tank is clean. Pre filter can be a cleanable screen type while the post filter can be a replaceable type. a QUALITY pressure reg. is a good idea - again mounted away from heat sources ( along with the post filter ). Right side fender well is the usual area. The system ( at your HP level ) should be able to fill a 1 gallon gas can in about 30 seconds. If you live in a very hot area, or you have a lot of under hood heat to contend with, a return style fuel system might be a consideration. Good luck building your system.