I'd say you should upgrade the fuel pump to a 155 at least or a 190 if you are going to do more mods later, like alum. heads and such. I'd highly recomend the Kirban adjustable fpr, it's a sharp looking unit, it's rebuildable and it's also only $70 at jdsperformance. I set mine at 34psi with the vaccuum line removed and my finger over the vaccuum tube and i was a little lean, I have it at 39psi now. But I'm running Edelbrock heads a TFS stage 1 cam and ported Cobra intake so I'm probably gonna need more fuel than you. Factory setting is 35psi i think but the only real way to know where it should be is to get your air/fuel ratio monitored like it is on a dyno.
I had the same problem on my baseline dyno before the head, cam and intake swap, the exhaust was so rich it made my eyes water. Don't have that problem now.
I've heard an adjustable fpr can be good for up to 10 hp. One of the best simple bolt ons I've done