I bought my car with an electric fuel pump and it also has a pressure regulator. The pump is under the the front trunk area and the pressure regulator is in the engine compartment, just before the carbs.
The pressure regulator has a dial that goes from 1 to 10 and it is set at 2. This set up is for Weber carbs. The fact that the pressure is reduced so much tells me that you probably need a regulator.
What brand of carbs do you have?
If you have Webers, give the folks at
www.cbperformance.com a call. They know their Webers and will get you on the right track.
You need to find out the required pressure for your carbs and the output of your pump.
Hope this helps!
Happy New Year!