What year/engine is this?
I'm most familiar with the 73/74 models.
Just a thought, isn't 12.5 volts at the battery a little low?
I'd be kind of concerned about the 1 volt drop just to get to the relay board.
Where exactly did you measure the 11.5v?
Connector T14 pin 14 is the best spot to measure what is going into
the board that feeds the fuel pump. If you can't measure it there
probe the right side of the S13 fuse (red in the photo).
(See
Fuel Pump for Carbs article for connector references)
NOTE: pin 14 is directly under pin 13 on the left side of the T14 connector in the photo of the relay board.
From where power enters the board at connecter T14 Pin 14 to
connecter T14 pin 13 where the fuel pump +12v signal exits, there are only 3 traces
of copper.
The traces themselves won't fail. They are pretty stout pieces of copper.
What I have seen (and it happened to me) is that the trace fails to make
full connection at a rivet point or actually cracks at the rivet point.
Mine cracked directly under the S13 fuse. (red in the carb article)
Have you taken a voltage measurement directly at the board vs out at
the pump? Connector T14 pin 13 or Connector T12 pin 12.
Another thing to check is perhaps your heater blower or rear window defroster.
Both of those pull power from the same circuit. If they start pulling lots of current,
it might cause a drop out at your fuel pump.
Other than that I'd start probing the relay board with your volt meter while
things are running to see where there drop is.
Get a good ground, directly at battery if possible then
start at T14 pin 14, then check each side of the S13 fuse
(red on in the picture in the Carb tech article).
Then check T14 pin 13 or T12 pin 12.
I've also seen relay contacts go bad or corrode. If you see the drop
at T14 pin 13, it could be something related to a trace or it could be a bad
fuel pump relay contact.
--- bill