Sorry I haven't been around, did a couple of long runs with the Mustang this week. Most notably was a cruise to Speedway Motors twice LOL thought I lost my military ID and made the 54 mile drive a second time and hyper speed before the museum closed. Approx 198 miles by 1 PM good for the car to get the miles on and get this...ID card was home the whole time
So, first, the vacuum, I have an odd concern that keeps ringing in my head when you thought the advance slots for the cam were backwards in operation. Not sure I can say anything about that but it nags in my mind as I type.
Regardless, Drew brought up a very valid point, you cannot tune cold. Fuel is falling out of suspension, bores are tight, valves aren't sitting exactly as they would, no heat in intake or exhaust, that's why any engine needs a choke. To believe it, realize how much a choke starves an engine of air, yet it still runs, but it only does it when cold
Second, one good thing is your carb is pretty close. If the idle screws kill the motor when turned in, and level off somewhere else, it's on the idle circuit, so sleep easy with tha
I don't have any more to add on low vacuum until we hear how it runs, but get the distributor in, set the timing, get it good and warm, set the idle a/f and idle speed and see what it does.
The carb adjusting normally, makes me think everything is normal in terms of intake leaks and overall setup, but if you advance a big cam, vacuum has to come up. So let's see what happens after the distributor
BTW, have you tried a second vacuum gauge? I have had them read incorrectly. Another option would be hook yours to another vehicle