Did Anyone Try This?

Yeah, EFI with a return
Untrue. Returnless systems still offer the same benefit; namely that boiling point of the fuel is raised significantly by the fuel system pressure. To the point that multi point efi cars allow the garbage gas we have to deal with now.

If you can't beat them, join them! (Which is why I'm not a Ford or Chevy guy)

Also, if I'm understanding what you've started correctly, you don't want your return below fuel level. Any leak in the system would cause siphoning.