Well, I got it together, in the boat, and running. I set the timing to 4 degrees BTDC, and the idle to 650 RPM. (It runs like a dream at that RPM). On initial start up cold, the oil pressure went up to about 50 -55 PSI @ 850RPM, and about 65 - 70 PSI @ 1500 RPM. After getting it good and warm, (about 175 which is normal for this marine installation), I reset the idle to 650. Oil pressure at that RPM hot was between 25 and 30 PSI. At about 1800 RPM (the max you can take it on a trailer with a garden hose supplying cooling water), the oil pressure ran about 50 PSI.
I welcome opinions on whether that sounds about right.
I have put about 2 hours on it so far, and these numbers have been consistent.
Also, is 4 degrees BTDC a correct initial setting for that engine? I have some conflicting info on this, and would welcome your input.
Next step is to get it in the water, and start breaking it in.