It is my humble opinion (and I like the sound of my own voice
) that the line sizes depend on what type of fuel pump.
You can run smaller fuel lines with an electric gear pump, but a diaphragm mechanical sometimes requires a bit more line size because of the pulse of the fluid.
I think 3/8" is adequate in most cases, I would totally advise using USCG approved fuel hose though.... 
GT
I'm with Glen on this. Again........ I doubt very seriously that a 3/8 fuel line is the problem. Soft or not, ( it would act like it's out of gas at speed, or hiccup like crazy, if it were soft or not big enough

)
I've seen a 3/8 rubber fuel line feed a blown twin dominator deal! So forget that BS!

You forget to mention what dizzy you have. I'd be more apt to beleive a vacuum advance, or another substandard unit. If the HP is there to drive an A to 5000-5500 RPM, then only the ignition, or remotely, possibly, the valve springs, are limiting you, all else being equal.
Get yourself a good Dizzy (Prior, PRE-TDRSALES days, these guys would say go MSD..........I say go Mallory Unilite) A good CDI Box, If you go Mallory, no better than their Hyfire 6AL.
At worst, if I'm wrong, you have a solid ignition for the right combination. All this provided you have the HP to turn an A to 5000+ RPM, mind you. THAT is paramount...........
Ray