Low Fuel Pressure - electric fuel pump

Basics,
What type of fuel pump? - electric, don't know the manufacture or model number.
Where is it mounted? - on the inside frame rail under the rear passenger seat area
Have you checked voltage at the fuel pump? - No, but I know it works because it's pretty loud and when it was producting 6% psi, it sounded the same as it does now.
Have you taken any readings right off the fuel pump, both pressure and flow? - No, hard to do since the car is fairly low and I just sold the car lift. Will probably have the speed shop do that.
Do you know for sure the gauge is accurate? - Don't know for sure but it's been faily accurate up until lately.

My .02 is that if you truly had 1.5 psi or 6 psi sitting at a light idling, either one wouldn't matter, you are using hardly any flow of gasoline and the bowl should be pretty much full not causing a idling issue. Especially if it runs down the road just fine when you are using a much greater volume/flow of gas.
It might be something other than fuel pump like the carb. is flooding out when idling.

I agree with your assessment of the carb flooding out - I never thought of that. I does go down the road without any hesitation. One would expect that if it dies at idle, it would die while turning 2,500 rpm down the road too. It also idles really low at 400 - 500 rpm.