Why would you need another tank? Is yours in bad shape? If not, just a new sending unit is all you need. You can get them with 3/8" line which is fine for most of us. You may or may not need a return line with an electric fuel pump. Some pumps, like my Holley Red, have an internal pressure regulator set at 7 psi which just dead heads the pump at 7 psi. Other pumps require an external pressure regulator, but even then, most of those are dead head type and not bypass type. If you run a bypass type regulator, like Mallory, then a return line is required. There are some advantages to return lines, like quieter pump operation and cooler fuel temperatures (i.e. no vapor lock). I have heard though that these return line cause higher oxidation of fuel and can affect some rubber fuel system components.

As far as wiring the pump is concerned, I would go with a minimum of a Fuel Pump relay, like something from Painless Wiring. This uses a low current connection to your ignition system (I used the line to the (+) side of the coil) to activate the relay when the key is on. This way very little current is added to a small circuit like the ignition switch. The relay is then wired straight to the battery to allow the pump to draw as much current as it needs safely.

I have taken it one step further and wired both my MSD and Fuel pump relay trigger wires to a oil pressure safety switch. This switch will only energize the MSD ignition and Fuel Pump relay if there is sufficient oil pressure. The safety is bypassed when starting the motor. If I should lose oil pressure, both my ignition and fuel pump shut off. BTW, I also wired in a toggle for the fuel pump in the cab so I can turn it off quickly if the relay should fail.

You can call me paranoid, but racing is already dangerous enough.