That will work. I have a small cammed 5.3 with a T70, E85, ad a stealth 340. My fuel pressure gauge isn't hooked up yet, but my pump seems to start falling off around 10+ psi. I'm most likely going to add a Bosch 044 or Deascthwerks pump on a hobbs switch(have it kick on at 6-8 psi).
I also maxed out my 60# injectors at 11psi. My 38mm wastegate is too small for low boost, just another thing I'd figure I'd mention.
I saw you mention in another thread you were thinking about running it non-intercooled... Don't! I tried it and with low boost the IAT's were in the 140's and higher boost they hit 160+!!! Install an ebay 31x12x4 intercooler and be done with it.
Big slow mud truck with a TUNE!!!!!!