If you use a return style regulator and a return line thats at least 3/8ths you might be able to get the fuel pressure down. Personally I don't recomend it. I tried it awhile back and was not happy with it.
Your running a late model 5.0? If so it would be easier to run an remote electric pump. The late model 5.0 does not have provisions for a man pump. You would have to change your front cover to a early 302. Heres a site that has some great info. http://www.jason.fletcher.net/tech/tech.htm