I've got a Carter mechanical pump. If I remember it was the strip version but without a regulator the needle bounced like crazy and it tended to overpower the seats in the carb. A regulator got both of those problems under control but I did notice that after time, while running, the gauge read lower and lower yet the bowls remained full.
I would try adding a regulator (
http://store.summitracing.com/partdetail.asp?part=QFT-30-803&FROM=MG and did include a mounting bracket) and reset the float levels. This regulator is preset at 6.5 psi. 7 and over you risk overpowering the needle and seat. Don't waste time with the parts store regulators with the dial on them.