need help with a fuel flow problem

[phatdaddy]

i think i have a fuel primer bulb issue. this is on my 13 whaler. when i run at high speed,. the engine will stall out, i can pump the ball and the motor will pick up again. i thought i might have a bad fuel pump, but then i decided to put a gauge on it. with the motor running, i have about 1-2 lbs of positive pressure, so i thought that meant good pump. i then turned the motor off, pumped the ball up until firm, had 5 lbs on the gauge, then noticed the gauge went to 0.

does this mean the check valve in the primer bulb is bad?
if so, would this cause the engine to starve for fuel while running?

it's a moeller, so i'm going to change it anyway, just wondering if i'm on the right track

sorry for the long read,
thanks for any input.