1) i don't trust spectra quality, so why not just use a GM pump?
But if you're going to drop the tank anyways, then it's easy to mount an external pump below tank level.
2) If you are going to use an in-tank pump then i'm concerned that regulating it down to 5lbs or so for a carb, would this strain the pump? i don't know? Would a return line help?
i ran into the same problem as i found out my new engine also does not have anywhere to mount a mechanical pump.
But there ARE electric pumps that can self-prime. See this thread:
http://forum.73-87chevytrucks.com/smforum/index.php?topic=33205.0Granted it's only been on the truck for about 2 weeks, but it seems to work well.