All right I'm here to report back on the fix because I hate reading those threads were you never know what ended up happening.

The bottom line is the fuel pump was bad. I went to O'Reillys and picked up the "heavy duty" fuel pump that they had popped it in and had her fired up in a matter of three minutes once the lines were hooked back up.

Here's the things I should've done that would have saved my two hour project from becoming a six hour project like it did.

1. Do not bother with the fuel pump till you're sure the lines leading into it are good to go. In order to check this I bought 4 more feet of 3/8 hose from the auto store and plugged it into my hardline underneath the power steering pump; took off the gas cap and blew into the line. Depending on how full your fuel tank is you will hear the bubbles which was my situation, or if it's full enough you might actually blow gas out onto the side of your truck.

2. Once I ruled out the lines, I moved on to the pump. I Removed the pump and stuck my middle finger in the hole and felt the cam eccentric to ensure it didn't feel loose or broken. If it were broken, replacing the pump would have been pointless.

3. Finally Replaced the pump. And like others mentioned take off the p/s pump. I did and it made it a breeze. The new one pumps extra strong and solved my problem.

 

Wow!! Doing process of elimination, we have solution. I'm glad you came back to disclose your findings.
Always remember, a new part does not mean, problem solved. If problem arises again, go back to pump. Remanufactured parts may last a day, a week, a month, etc. etc.
Hopefully yours will last another 50 years. Thanks for posting your findings.

 

Your new fuel pump will likely put out more pressure than the old one. You might want to check the float level in your carb.