Bill,
Which Holly do you have, the blue or red one? Also when you rev the engine while just setting watch your pressure gauge and see what it reads. I had a similiar problem with the Holly Blue pump and talked to a Holly tech about it and he told me the problem as soon as I toldhim what it was doing. That was about 6 years ago and I have never had a problem since. In fact I may put it back as when I get on it the darn thing almost sucks the tank into the engine.
Ron