i had a fuel related issue like this earlier this year, the float bowl got too dry when climbing a long hill or stepping on it real hard, and when i released the throttle the engine would run on normally. just like bill said.
it was a clogged filter in the end...
but: you say you have "no power"... when i had this, it was more like short, fastpaced, hard cutouts, shaking the whole car rapidly.
do you mean this by "the engine cut out on me" or do you mean a loss of power, like someone threw an anchor out of the back window slowing the car down?
i run an electric pump and a normal b&b carb, the pump has an operating pressure of 0,3 bar at 6V operation. i don't have any problems with the float bowl valve (pressure too high) or fuel stavation (pressure too low), so i guess that's just fine. i'm not having a return line to the fuel tank.
link to my threads concerning these problems:
http://www430.pair.com/p15d24/mopar_forum/showthread.php?t=21631&highlight=electric+fuel+pump
http://www430.pair.com/p15d24/mopar_forum/showthread.php?t=17231&highlight=electric+fuel+pump
good luck!
best,
fred