I have a 56 chevy with a fresh 327 engine that I have just installed a red holley electric fuel pump rated at about 4psi of fuel pressure. This has apparantly solved my vapor lock issue but after I ran the engine / new fuel pump for several minutes the pump seems very warm not burning hot just very very warm. I installed this on the lower frame away from the engine heat and away from the exhaust but is this normal for the pump to be this warm?

They do run worm but not hot. I have a 55. Did you put it on the frame in front of the leaf spring pocket? If you did I think it is to far from the tank. It is having to pull insted of push. It should be close to the tank at or below the fuel tank bottom. A good place is to make a bracket and mount it to the spare tire tub. I would first call Holley or see some other feedback. I think it would be allot of work to move it.

Electric fuel pumps run best and last longest when used with a return line to the tank and a return style regulator. The Holley pumps were not designed for continous street use. Just 1/4 mile stuff.
When used as you have it installed, "deadhead" the pump turns slowly pulling a lot of amps. =lots of heat. When installed with a return line and return regulator the pump runs at full rpm and much less amp draw. = lots less heat. Its also cooled by all the fuel flowing throu it continiously.
Should have bought a Carter P4594 or P4600HP Pump. They last longer and don't leak. Also seem to run fine, deadhead.
Mount the pump at the back near the fuel tank away from the exhaust.

First of all thanks for the comments, I do appreciate the suggestions. What I did was purchase a Carter P4594 electric fuel pump and a regulator with a return line setup. This was not fun to install a return line but I got it done. I set the pressure out of the regulator to the carb at about 4psi and started the system up. I had a leak in one of my fittings so if anyone attempts to do this I would highly suggest a well ventilated area. Anyway, I ran the car at idle for 30 minutes and I had no vapor lock and the fuel pump was just slightly warm. The return fuel line works great by letting the pump run at the correct speed and not draw too much current. I then took the car on a small trip about 1 hour and again performed great. I can even sit in a drive up window for 15 minutes at idle and not have a vapor lock issue. Problem solved.