Holley 1920 Accelerator Pump Questions

Should I be seeing a shot of fuel in the venturi when throttle is applied

Yes.

the accelerator pump diaphragm arm goes in VERY slowly

The accelerator pump is spring-driven. Sounds like the spring in your carb is missing, weak, or too short. Open the carb, stretch the spring (or replace it with an appropriate one) and put it all back together.

1920 operation and repair manuals and links to applicable repair/modification threads are posted here.