First, thanks to all who took an interest in helping me solve this problem. I really appreciate it.

Originally Posted by Hotrod Lincoln
First, check to see that the camshaft lobe that operates the pump isn't worn out. Remove the pump, and have someone tap the starter as you shine a bright light into the hole. There should be a noticeable high spot visible as the cam turns. If the shaft is round, or showing extreme wear, it's time to change the cam. It's also possible you've simply bought a non-functional new pump. Push the pump operating rod down against the workbench top and see if any vacuum is developed at the inlet port. It's either a bad cam or a bad pump, or possibly both, but that would be pretty unlikely!
Jerry

Jerry, you were right! I removed the fuel pump and it tested OK by hand. I could feel it suck at the inlet and I could make it suck gas out of a gas can by hand pumping the lever.

Here's a picture of the cam lobe.

And another picture.

It has a groove down the middle and after tapping the starter a few times, it appears to be round in the middle where it contacts the fuel pump.

Finally, I bolted the fuel pump back on and it will not pump gas and has no suction when I crank the motor.

The PO had hooked up an electric fuel pump and bypassed the mechanical. Now I know why. I had always assumed it was because the mechanical fuel pump went bad.

What all is involved in replacing that cam and should I consider just using an electric fuel pump instead? Does that cam have any other function?