Fuel bypass question

OK. I have a 360, witha 625 Carter AFB (Edelbrock). It's being fed by a Carter 72GPH Carter street/strip pump with 3/8 aluminum line and a holley regulator at the carb (set to 5.5psi).

I can hear the pump lug down when I'm just idling. I would like to put in some kind of a bypass circuit to pass more fuel to allow the pump to run cooler and keep it from bogging down. Would there be anything wrong with putting in a T fitting just after the pump, and running a smaller line (1/4") back to the tank?
i figure this would allow the pump to stop fighting the fuel backup at low RPMS, without losing overall pressure.

Any thoughts? I know several people who runs these pumps on their weekend street rods and haven't had any problems.