I currently running a 650 holleycarbureted 350 with an electric pump. How much psi should it be pushing? I'm wondering if its set to high right now and that's part of why it smells like its running rich.

 

Holley 12-801 pump, no regulator suplied and does not need one, generally about 5-7 PSI.
Holley 12-802 comes with a regulator and generally set for 6 PSI.
If running rich, look down the air horn and if fuel is dribbling from the venturis, then float level set too high.

Also, you might add alittle more initial timing and reduce throttle opening and readjust mixture screws using a vacuum gauge on full manifold vacuum and adjust each mixture screw for highest vacuum reading.