Fuel Fluke

ok, my .02 time.... Just read your post and a couple of things come to mind.

1) Fuel sock in your tank is getting clogged.

2) Small air leak in the feed line to either pump. (could be inside tank)

Only 2 things that make any sense from what I have read. The fuel press dropping to 4.5 would mean it's pumping air instead of fuel.
I agree. That's why I suggest new stuff from sock to carb. Just make triple sure the fuel lines are air tight. Then I dare it not to work properly!