Yesterday evening after dinner I decided to try starting the car once more. Pumped the primer 20-30 times, gave it a full glow, put the throttle about halfway down and it fired right up! Rough idle and lots of white smoke for a few minutes, then it smoothed out and ran great. With the valves adjusted it idles much smoother and quieter than before. Took the car on another 20 minute drive.

Today I tried to repeat the process: pump primer a bunch, full glow, half throttle. Nothing put the occasional sputter. I replaced the feed hose from the pre filter to the lift pump with a piece of clear hose and bled the system again. When I pump the primer I see no bubbles coming through the clear line, but still no start. Haven't found a decent compression tester, either.