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If it burps or misses and the idle drops, yes fuel pressure will drop momentarily. Also make sure you have a big enough air filter, it will mess with metering if you don't. It also may just be that your mech fuel pump can't keep up with your carb, but that shouldn't be an issue at idle.

Sounds like idle air mixture to me.

There are no "rings", just a valve lock, basicly a split bushing. It may be slightly wedged on but once you get the rope or air holding the valve up you may just tap the retainer. Cover your oil return holes so you don't lose the valve locks in your motor.

Yes it can, I have heard of guys stuffing a rope through the plug hole and bringing that cylinder up to hold the valve or you can use compressed air. Spring removers: http://chucker54.stores.yahoo.net/vaspreto.html

I think the rods bolts would be more to worry about then head bolts. Just grab a random rod and press out the bolt, chances are it's twisted or bent. Don't forget to have the rods resized.

Swap it for a built slant six? lol

I've got a freshly built /6, I'll trade ya straight across...

And then put a /6 in it...:evil4:

Your timing is out, you need to find TDC and start over... ,Cliff

Sounds like it may be a scoch lean. $.02 ,Cliff