Not Ranked
Mike,
If the fuel continues to trickle while the pressure goes to zero, then the problem is a bad float needle valve. If the valve were OK, the pressure would stay up for a while (assuming you aren't using a return line to the tank). Since it's probably new, I would just suspect some dirt in there. With the valve constantly leaking, you're also going to run rich all the time.
I don't have the Holley spec sheet here, but 7-8 psi fuel pressure seems to be on the high side.
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