That's a good schematic. I was looking for Dave Bean's recommendation to me but I'd misplaced it. I was going to spell out what I have but I don't think it's really any different from what Grumble was planning except for the addition of the cooler and thermostat.
Jennings recommends some pretty big hoses! IIRC, -12 was what I used to see on Formula Atlantic cars. -16 is pretty big. I used -10 everywhere which for a street car should be adequate. Dave did recommend -10 hose to me.