I've got through a few puel fumps in recent times, and can only say "bite the bullet". Do it now, to spread your costs over a greater period if you plan to seriously upgrade the motor.
The money invested in a good pump, bypass regulator and return line installation, will be a breath of relief when you replace other parts of the motor. Don't go overboard on the pump capacity; just what you need plus a little. Any more is going to waste electricity and stress the pump as it strains against the regulator too often. Been there, done that.
I suspect that you can buy a return line kit for EFI Mustang swaps that should fit pretty close. Or, get some ¼" terne-coated copper plated steel tubing and bend your own. Tee it into the vapour line, or modify the pickup mounting plate (better). Neither is rocket science. A return system actually cools the pump a little, keeping fuel cooler too. If this matters in Sydney heat, it must matter in Texas.
For the gauge - it's essential to have one. The Summit 0-15 PSI fuel pressure gauge (liquid filled and cheap at about $17) has been an excellent reassuring device.
If I had to do another complete install, I'd use Cartman pump
P4594, Russell or Aeroquip braided hose and "-6" fittings (as good as the Earl's I paid $200 for, but cheaper), the Summit gauge
800115, and the Aeromotive
13301 regulator (bypass type). Mount your pump on rubber isolator blocks or it'll drive you mad. A Ford trans mount is the poor man's isolator - just hang a mount bracket off one side and bolt the other to your frame.
Regards, Adam.