Fouled plugs - fuel pressure too high?

My 68 project had been on the back burner for a bit, but I am back on it. I finished the last project (flywheel swap) and drove the car last night briefly to test it. Car ran like a dog, lots of hesitation and very little power. I pulled the plugs today and here is what I found 9picture is worth a thousand words, so here are a few):









All of the plugs were wet with fuel on the base of the plugs as shown in the last photo. I am using this Holley mechanical fuel pumphttp://store.summitracing.com/partdetail.asp?part=HLY-12-289-11&FROM=MG

The fuel pump is rated 6.5 to 8 PSI, but the fuel pressure guage I have inline with the fuel line just before the carb shows it between 10 - 11 PSI. Questions:

1)Is excessive fuel pressure causing my plug fouling problem and the reason the plugs are wet?

2)Why would the pressure be higher than what the pump is rated for?

3)Whats the best solution - pressure regulator? different pump (pump is new)? The description says a pressure regulator is required for 130 GPH version, but mine is 110 GPH rating.

Couple of notes about the engine: 347 stroker, AFR 185 heads, Edelbrock Air Gap, Crane Electronic distributor and HI-6 ignition controler. Plugs are Autolite 3924 gapped between 42 - 45.

Sorry for the long post and multiple pics, but thought I would provide as much info up front. Thanks in advance for the help

What regulator are you using? Looked at Holley's site and the one they show explicitly states in their PDF manual to be used only with their electric fuel pumps. Strange they don't offer one for mechanical pumps!

Thanks for the part number and link. Will get this ordered tomorrow and installed by next weekend.