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In my opinion,pressure is not nearly as important as volume.It would not matter if the pressure dropped to 1 p.s.i.,so long as the bowls stay full.The reason the pressure is set where we do is to overcome the restrictions to get the fuel into the bowl. 
Thats the way I understand it as well. If there is pressure the bowls are full and the needle is closing.
One of my biggest let downs was a fuel system upgrade. I put a guage on my car and it only had 2psi at WOT. I could roll down the throttle on the highway and the fuel pressure guage would go quickly down to 2psi.
I put an electric pump and new line all the way to the carb and headed to the track. I had rock solid fuel pressure at 7psi. I ran the exact same ET and MPH as well.
Also, is it possible for some of these mondo fuel pumps to keep pressure in the line even with the line open? If possible that could cause a false reading.
68 Barracuda Formula S 340
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