Welcome to the 'bolt! If your pump is capable of making a mess on your workbench it's probably good. As far as output pressure, you won't see much, probably in the 3# or 4# area.
As for the low level in the inline filter, mine looks like that too. There's always an air bubble in there.
I read in your blog that it will run with the choke partially out. You may have a vacuum leak somewhere that is causing that condition. Check your wiper motor and vacuum advance cannister to see if they hold vacuum. Also look for cracked or broken vacuum hoses. Timing may be an issue too. Put your light on it next time you have it running, check your point gap also.
Keep us posted, hopefully you'll get 'er purring like a kitten soon.
