14 lbs of fuel pressure will force by the needle and seat in a Holley carb, it should be in the 6-7 lb range. 14 lbs is probably 'flooding' the motor, had this happen with a bad regulator, and would only run wide open, but this doesn't sound like the problem. Sounds like fuel starvation, like others have said.
A bone stock '78 454, 220 hp (K30 smog motor) turned the pump to 4400 rpm on the primaries on a Q-Jet, at Silverwood (~4000 ft), so even if it is some what lean, it should pull more than 4000 rpm, but I wouldn't run it lean like that, lean is baaaad.
Where is the fuel pressure gauge at? Most Holleys are on the fuel rail between the primaries and secondaries, if yours is before a fuel filter, and the filter is plugged, you can get high(er) fuel pressure readings. What fuel pump? Mechanical? Electric?
The impeller charts are a guide, and not exact. An 86 220-230 hp is net, in a truck. the same motor is 320-330 hp gross when used in a boat. This combo should be capable of 44-4500 rpm with an 'A' impeller, possibly more.
The Pacific has no speed limit either

Thats all I got
Daniel