I have the Aeromotive Phantom 340, and did the swap in 2015, it's great, no fuel pump noise, picks up fuel well, etc. My opinion is an in tank pump is a must for longevity.

If you're willing to do so, I'd imagine you could fill the tank with water while you're drilling the holes to mitigate any explosiveness of the fuel vapor.

You are referring to "NiCopp" tubing? Its DOT approved for brake line so it will work fine for fuel line. I have a reproduction 3/8 steel line for feed and a home made 3/8 return. The rest of the lines are Aeroquip TFE

You've seen my car, nobody has any idea it has EFI (and multiport with coil near plug) unless the hood is open.