Steve,
My results are the same as yours 80psi cold than drops to 40-65psi when warm. My water temp. seems to be rising a little to about 220 or 230 but people say that is normal for a new motor.
I was also told to purge the air out of the system however, I have no Idea how to do this?
I did not check the runout on the bellhousing yet because I have to take it off again anyway.
PS I seem to have a small leak from the back of my intake
Is there anything I can do short of pulling the intake for a $3.00 gasket
Mike