Agree fuel pressure is too high... you want somewhere between 6-8psi max. Which holley pump are you running? Electric or mechanical? You'll want a pressure regulator... that said, I've had my holley run with over 11psi at times without overpowering the seats and going over rich.

Another possibility is a blown out power valve... they will dump gas like crazy

Agree you are under carbed so your motor can't breath over about 4500-5000rpm... you should have at least 750cfm for street application and probably 950cfm minimum for a race car.

-Chris