Quote:
Open for positive - negatives thoughts on this.
Negative is fine to go to a frame rail ground; I'd run the positive to some kind of switch that's triggered when you either have cranking or oil pressure. 
OK, serious answer: Is there a specific issue you're looking to solve with the electric pump? More pressure for EFI or boost, less vapor lock, more volume for a modified motor? A stock mechanical pump has the advantages of being cheap and simple.
I would recommend using a return-type regulator with an electric pump, not a dead-headed regulator, particularly if the goal is to deal with vapor lock.
You can stick a modern in-tank pump on the end of the fuel sending unit's pick up tube in place of the sock - that is a good way to avoid any issues with making the pump pull fuel. But this approach can end up with fuel starvation when cornering with a low tank (more of an issue on EFI motors, which don't have a float bowl under the hood). You can get creative with a fuel tank sump made out of something like a cake pan welded onto the tank.
