[mr0077]

Jerry, that's definitely not normal fuel pressure readings. I think you've listed the likely cause(s); a few other possibilities are a partial obstruction in the tank pickup, a kink or other obstruction in the supply line and a plugged tank vent. It sounds like you're pulling a vacuum somewhere in the system on the tank side of the pump. I'd start with the easy stuff first, replace the fuel filter, and maybe blow the line out from the fuel pump while you have the filter off. Also, see if you can get a good fuel flow out of the tank while the filter is off (be careful with the fuel, of course).