72 Demon starts bogging sporadically once warm

Sounds like AJ was on the right track, and you may have a venting issue. I am not familiar with the evaporative emissions system on that style of tank, but clearly the hose dumping out fuel is not a good idea. 0 psi fuel pressure obviously is a problem too, can you adjust the regulator? The only other thing I can think of at the moment is the fuel pump is not getting a full 12 volts.
I know I can adjust the regulator, just don’t know if there’s a setting on it where I can adjust idle pressure and then load pressure if you will. I assume there’s not though. Again I’m thinking it’s fine holding pressure at idle on relatively flat ground but once you travel over half a mile up and down some hills there’s no pressure.

It’s all starting to make sense now though... he set it up for the quarter mile in a rush. When I asked him do you drive it around town he said yes sometimes on the weekends, assuming now he meant very short trips. Theres really no recourse at this point for me, so I’ve just gotta keep moving forwards towards a solution.