76BroncoFromHell has some good information in another thread on accumulators/pumps on the physics behind fuel pump pressures, vapor lock, etc. His science is sound.
However, there are those of us (anomalies, outliers in the dataset?) that have had very good experiences running a single external high-pressure pump without issues. I'm approaching the start of year 19 with mine and my $20 junkyard pump. I had a NWMP tank from 1997 until about 2005 and a BC Broncos tank with internal sump since then. I live in Phoenix (like 70_Steve) so we're probably worst case when it comes to environmental and vehicle heat. I've had my setup on the highest passes in CO (Imogene Pass, 13k ft. and others) in the summer several times without incident and I routinely run above 5k ft. elevation here in AZ. I had a stumble on a hill in December of 1997 with a low tank and once again a few years later on a very steep climb. The truck re-started quickly in both cases. I think the BC tank's sump has eliminated any reoccurrences of those situations. My truck runs great at off-camber angles far greater than my pucker factor will allow me to drive comfortably.
That said, I am still constantly looking at in-tank setups but I'm hesitant to change a setup that simply, works. In our engineering world, we refer to them as catastrophic improvements
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Todd Z.