Fuel gauge is the first thing I will do. Has newer Mallory Unilite distributer, and Taylor 8mm wires. I have not even checked timeing,--I just put the distributer back in where it was when I re-built the motor, and it ran the same as it did before the motor spun a bearing. I'll be getting it out soon, and have more info.
Setting the ignition timing is critical to performance and engine life.
3/8" fuel is -6 in AN line size, and adequate for a regular 454... AS LONG AS THE LINE IS NOT SOFT AND ABLE TO COLLAPSE.
I actually ran a 632 cu in engine on the dyno with two carbs fed with a single -6 (3/8") fuel line from the fuel pump to a -6 tee that fed two 850 cfm Quick Fuel carbs, to 6300 rpm. I had plumbed it with a -8 but had a bad tee fitting, and had to use something else to be able to run the engine, no drop in pressure or signs of fuel starvation.
Based on that, I would say your 3/8" line is fine for a 454 running 5000 rpm.
For a forced induction engine (blown or turbo), I would normally use larger lines, and agree with the -12 feeds from the tank into a tee,, allowing the tanks to equalize.