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Go with whatever the carburetor manufacturer says for pressure. If it's a stock carb, use the service manual to find the stock fuel pressure range. 4-6 psi is probably OK for most carbs....if it's much more than that, it makes it harder for the float to close the float valve in the carb....so what ends up happening is that the fuel level in the float bowl rides up a little higher than it would with a lower pressure. That makes the engine run a little more rich through all of the operating ranges.
A thing to watch out for is to make sure that your pump isn't a fuel injection version that is set to run at 20 to 30 psi.
You'll need a pressure regulator unless it is a low-pressure pump. The best pressure for a Holley 94 used on stock flatheads is 1.5 - 2.0 psi. I recommend the Holley 12-804 regulator, I've been running one for more than 5 years with no problems. I see lots of people complaining about the Spectre round-dial regulators sold at AutoZone and such.