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First make sure you can get fuel TO the pump. If the diaphram in the pump is bad, it can suck in air rather than fuel (path of least resistance) or it has the potential to bleed raw fuel into the crankcase. This is bad. It will thin out your oil and ruin your bearings. Get that pump off of there and make sure it is installed correctly. IF the arm is snapped, it may be wise to drop the pan and make sure you got all the pieces!!!
If you decide to go electric...
In the past I had good luck using a Carter GP4070 with a Holley 4160. At the time this was one of the few universals I found that didn't require a regulator or a return line. I daily drove that car for 4-5 years on that pump and I never had any issues with overpressure/flooding etc. The car was a 60's Mustang with a later model 302 and it didn't have the right timing cover or eccentric for a fuel pump, so I was forced to go electric. Don't forget to add some sort of automatic shut off safety switch if you go electric. Impact switches are available too. You may not always be in a position where you can shut off the ignition in an accident.
Pull the gas cap off and see what happens. If vents are clogged it creates a vacuum on tank not allowing it to draw fuel. Would explain why it run long enough for vacuum to build up.
Thanks for trying it. Now to find the clogged vent.