Ok here is what I am guessing and you will need to verify this.
First off you talk about fuel pumps but no regulator or having a pressure gauge.
The pressure gauge should be mounted at the carb or on the supply side to the carb.
Most Edelbrock carbs require a regulator. There are different types of regulators. Some are low pressure(1-4 psi) others are high pressure (5-?). Some mfg are now making them where they will work from 1 to 25 psi, but require a different spring to vary the pressure range.
Your lose of fuel pressure is most likely caused by what is called dead heading the pump. When your pressure drops to 0 is the pump still running. If not then the pump is dead heading. That means the pressure in the line from the tank to the pump and the pump to the regulator has built up enough pressure to cause the pump motor to seize up.
Most likely the engine will continue to run for some time because you still have fuel in the carb fuel bowls.
Having the pump mounted by the starter means you most likely mounted by the exhaust. You could be causing it to also vapor lock the pump or over heat the fuel pump.
If you are running a fuel return to the tank then I would put a pressure gauge on the return line and watch the pressure on this line. It should read 0 and really no more then 1 psi on the return side. It could be the return line is not actually open to the tank. Return lines should return fuel to the top of the tank. not up through the bottom trying to force its way into a filled tank.
Mounting locations. Most gravity fed electric fuel pumps should be mounted by the tank due to the fact they need a good supply of fuel so they won't cavitate. The fuel inlet on the pump should be mounted no higher the bottom of the tank. If you have to mount it up front then make sure you have a good gravity feed.
Voltage supply should be a constant 12 volt source. There are several fuel pump relay kits on th market the direct 12volts directly from the battery only when the ignition is switched on.
I'm not sure why you chose electric, but the mechanical one should be fine if you should choose to go back to that setup most stock pumps designed for a q-jet only put out 4 to 5 psi anyway. If you go to a stronger mechanical fuel pump you would only need to add a fuel pressure regulator between the pump and carb and you won't need to even worry about the return line. Just cap it off.
______________
