Hook up a good portable tank directly to the engine and see what happens. If the problem persists, the problem is inside the engine. If the problem goes away, hook up the portable to the Racor and see. If the problem persists, change the fuel line and bulb. If the problem goes away, change out the plumbing from the Racor to the tank.
On a side note, check with your servicing dealer to determine if your engine fuel pump can support the length of line you have, the Racor,
and the fuel flow transducer. Not all can, particularly when high flow rates are required ...