From 5-7psi would give you enough pressure and fuel for a carburator. You may want to get a fuel pressure regulator and inline guage to monitor your pressure as you rev up the engine to see if your pump is putting out enough of the good stuff.
F yeah, it should, but remember, even though the pump is rated at that flow, the diameter of your fuel lines will determine if the pump can flow at its max rate, or at a dimished volume rate. It sounds like it'll work though. Good luck!!