Actually after all of this, I think it still comes back to fuel delivery.
I'm pretty sure the cam is worn and as far as the engine condition, I'm not really sure of the internals. What I do know is when it's running, it's strong! Tons of pull.
I'm really leaning towards the electric pump after finding a few on Summit Racing in a 6 volt low pressure. I also have to adjust the valves next.
And yes, Jim has been very helpful along with many others. What a great bunch of guys that understand and aren't judgmental!