Low fuel pressure after making pass down track

I was checking over some things on my Duster before taking it to the track for the first time and noticed the fuel pressure gauge bouncing all around.
I tried to adjust it either way with no effect to the fuel pressure gauge whatsoever so I replaced it. After replacing it was reading steady 8-9 with no bouncing so I tried to adjust it to 6.5 with no change so I replaced the regulator.
After having a new fuel pressure gauge and a new holley fuel pressure regulator I was able to set the fuel pressure at 6.5 psi and thought all was well so I hauled it to the track. After backing the car of the trailer I noticed fuel pressure was back down to 5psi so I put it back at 6.5.
Before making my first pass I drove it around the pits and checked it one more time and it was fine still right at 6.5. After making my first pass I got back to the pits and with car still running I checked my fuel pressure and it was down to 3 psi.
I'm using the stock (brand new) tank going into 3/8 rubber Line with one plastic filter inline into a mallory 110 gph pump. Running out of the fuel pump is 1/2 aluminum fuel line eventually spliced into steel braided 1/2 line to make the sweep into the engine bay. Car is a 71 Duster 460hp 360. Car has no return line currently.
Also not sure if this is related I'm not too confident in my regulator location since everyone else has theirs in front of the toward the front of the car ahead of the carbureter. It's just a 12 second car but could Gforces not be allowing fuel into the carb fast enough because it's working against gravity while the car is launching? Here's a pic with my regulator/gauge set up

Thanks for reading

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