Fuel pressure problem..I'm at a loss.

I dont believe a mechanical pump will supply enough fuel for your engine @ WOT. I ran an old Holley electric pump on my 512 other than the noise I never had any fuel issues. Never even ran a regulator and/or return line.
What type of fuel pressure gauge do you have and where is it located?
What size fuel lines?
Its fine under WOT, its about an 1/8 down the road after you get out of the throttle when it has a problem.