How does my contraption look??

Nice link Ramcharger.

Myasylum;

For the most part, you'll not need to run a return line. If you have an electric fuel pump, it's not a bad idea. Like above, it's run cooler. (the pump) The carb will see less pressure due to being regulated at the regulator. But anytime the pump puts up more pressure than what it's supposed to be set at, the extra pressure just send the fuel back to the tank. This is where the fuel pump catchs a brake stress wise.

For cooler fuel, even though it's cool from the tank, run a cool can.