Does this set up seem sensible?

I second the bypass regulator idea. Keeps the fuel cool. (But, I'm not exactly sure how that 3-nipple fuel filter works)

I believe the 3 nipple filter has a 60 thousands orfice in it to "bleed off vapors"
If the orfice is the correct size for the pressure the pump supplies, the orfice will drop the pressure to the desired levels

What pump are you planning on running?