BEFORE: For anybody following and /or finding amusement in this thread, heres an update.

Yes, I finally figured that out fellas (pump/regulator pressure needs some resistence to engage). I put a fuel pressure gauge on the second output on the Holley regulator. I hooked all the line back up and fired up the engine and the guage read 3.5 psi on the carter 4070 (which is close to the rear tank). The bronco ran fine but the regulator had no effect on the psi (probably to low). I swapped in the Holley Red pump and moved it just after tank selector valve (to be able to use the front tank on the same pump if needed-I heard it worked for some people on CB.com).

Results:
Holley Red Pump after tank selector valve:
psi went to 5.5
regulator could not increase pressure but could decrease it down to 3.5psi
bronco seemd to idle fine and handle increased rpms
Pump became hot to the touch (it is very far from any heat source)

I'd like to have more adjustability and the hot pump concerns me. I'm thinking the pump is working too hard to pull the fuel resulting in a higher temp and decreased psi. In the morning I'll check this thread first and then move the holley pump back to the rear tank...Unless there are other ideas.

Later--I'm gonna get a and call it a night!

AFTER:
Moved the Holley pump to the rear with an inline filter before it
LIne up to regulator
I can adjust the pressure from 3.5 up to 6.75psi
Bronco fires up and sounds great.
I just need to lock it all into place with some heat shielding by the exhaust and I'm ready to roll.

Thanks for any advice some of you gave over at CB.com

READY TO WHEEL

Sounds great, glad you got it figured out and fixed.

Seeing how prevalent these vapor lock issues are makes me wonder if it was as big of a problem back in the day or if it is a result of our higher driving speeds, etc.

Anyway, your ready to wheel now so let's start planning a trip to MSV and Coney.

They had better gas back then. Todays gas just sucks.

What ZOSO said. Today's gas has alcohol in it even during the summer. That lowers the boiling point causing more fuel related issues when it's hot. Remember water boils at a lower temp the higher you climb so would gas boil at a lower temp the higher you climb? I remember rarely did I have or see a vapor lock issue.