Vacuum this low normal?

I agree with the others that it's a little low. You say that it's 4.5/5.0 "in gear". How is it out of gear? Even though that converter is spec'd in the high 3's, could it actually be a little tight down low? Then there's the degreeing in.....is it right?

Plus, I've personally found that some Holley's like a little richer A/F adjustment at idle with big cams then the highest idle vacuum reading.....like a 1/16th to 1/8th turn or so.