Update:
Today I replaced the hp fuel pump and took it for a ride.... Same problem,
I did spend a lot more time watching the fuel pressure gauge and I was able to keep the boat running by throttling back as soon as the pressure began to drop. The pumps would catch the pressure back up to 38 psi at idle then I could throttle up again for a short period of time. I noticed a huge difference in the noise coming from the booster pump when I lost pressure... Almost like its being starved of fuel.

My question is, what all makes up the pickup portion of the fuel system? I see on the top of the tank where the fuel line from the booster pump attaches there is a 90 deg fitting... Is the pickup tube attached to the bottom of this fitting or does it sit just below this 90 inside of the tank?
Also, does the pickup tube have a screen/ filter on the end?
I'm thinking that something is blocking the pickup inside the tank. My plan is to run with a separate fuel cell to rule out anything inside the pickup/fuel tank. Then if it runs without a problem I'll know it's nothing after the tank.

Any thoughts?

anti-syphon valve? is that spelled right?

If the fuel pump is starving it's pretty easy to back track and fix it. 38 is still low. pull the fuel line off coming from the tank and put some air pressure to it and see if there is something in the line or pickup. Depending on the location of sender and pickup, you might be able to use a video scope and peek at the end of the pickup itself..

Post 32 is assuming you already tested BOTH fuel pumps, filter etc.

They've both been replaced...

The stand pipes in the fuel tanks clog up all the time. Could be that simple.

How do I get to them?

Not sure what model Formula you have, mine is an SS. I think most of the SS's that have the in floor storage compartment will have a access panel in the bottom of the ski storage, Open that and it is right over top of the fuel sender. Very easy to access

Got to the pickups but I'll have to drill an access hole in the ski locker to remove them completely. I see i have 2 pickups, one for each engine? Anyone know if I can tee the two together and put a raycor inline before the booster pump? Or will that supply too much volume?

Just thinking i could reduce my clogging chances by using both...

Have your issues been resolved????

I have been going through this problem for the last 2 weeks . I replaced and checked everything . I took apart booth of my filter housings .(spin on type ) I found a bee lodged in the last barbed fitting that I checked. Wtf. seems to have cured it.