Hey Triple Black -
1. Fuel pressure should be about 5 psi
2. It definitely sounds like a carburetor issue - It sat for 20 yrs? That carb needs a rebuild because almost certainly the gaskets dried out. You might try some fuel injector cleaner (2 bottles of the cheap kind) to clean out fuel varnish in the tank, pump, lines, etc.
3. Tune Up
a. Put copper plugs in the engine @ 0.035" gap. I prefer Champion (original)
b. After engine is completely warmed up, connect timing light to battery +/- and #1 cylinder's plug wire (front one, driver's side).
c. disconnect & block off vacuum advance hose
d. timing light is a "strobe light" - point it at the timing marks on harmonic balancer/timing chain cover & you can see what your initial timing is. Record this value.
e. You can adjust the timing (more advanced or retarded) by slightly loosening the one bolt at the base of the distributor & turning the distributor slightly. With the engine running & the timing light pointed at your timing marks (balancer/timing cover) you can "see" the timing change as you rotate the distributor. 10-12 degrees advanced at idle is a good place to start.
f. Tighten bolt down again & record what your new timing advance is, then re-connect the vacuum advance hose.
g. Idle fuel mixture - attach a vacuum gage to the engine. There's usually a "T" near the back of the manifold where the brake booster connects that you can tap into. Turn the idle mixture screws in/out very slowly, one at a time to maximize the vacuum reading at idle. By slowly I mean, turn a 1/4-1/2 turn, wait 60 seconds, check vacuum & repeat. Again, one side at a time. The idle mixture screws are the two big screws with springs on the front of the carb right at the base.
Now.... go drive it. Floor it up-hill & check for "knock" or "ping" and overall performance. In general, you want the timing as advanced as you can get it (without "knock") on whatever fuel you're running.