Lots of interesting things to ponder.
I have since run a few other tests and found that the fuel pressure is just above 20 at idle and about 70 when revved up.
Lots of oil pressure but it goes down to about 15 at idle.
I drove it 120 miles the day I bought it and now, when I run it in the driveway, it drools constantly from the tubes and also oily black dripping out every exhaust clamp there is!
I researched it an I suspect "wet stacking" even though I drove it so far when I brought it home. I panicked when I saw the volume of drool and the drips coming off the exhaust clamps/joints, but after shut down, I checked the dipstick and the oil is fine. So I have to conclude that it's unburned fuel or MASSIVE blowby...But again- if it was blowby, the oil would dissapear from the engine but it doesn't seem to be.
I have no idea how many miles are on this but by doing a little detective work, I can tell it's been apart or out at some time in the past. Lots of hose hangers are not screwed to the bulkheads as they should be and vacuum likes hanging loose where they were obviously secured to the walls from the factory. It's the silver 92 and the poor thing is layered in a 1/8 inch of oily road grime ( maint issues) I pressure washed it a little bit, but it was below freezing and everything was so cold that it didn't do much.
So; Plenty of oil and fuel pressure, it idles and spins up fine, a bit of excessive smoke, but not undriveable, And it drools like a 7-year old's nose with a cold.
I can't let it keep dripping out the exhaust like this.... Thoughts?

I can start saving my mad money for an in-frame if I have to. I guess next steps are to pull a cover off and see what the rings and cylinders look like.
Thanks for all the replies!!!