Thanks Cliff.
Yeah the needle really bounces a lot, I mean a LOT! It's a blur. I went back out to the garage after I posted this yesterday and started the car and took a long needle nosed vice grip and adjusted it to where it was just pinching the fuel hose closed between the pump and the gauge. The moment I pinched off the hose the gauge would read steady 4psi, sometimes 5psi, but mostly 4psi. It was just a quick "snapshot of the pressure" as fuel was being consumed the pressure dropped. I held the engine @ about 1500 rpm hoping the pulse would lessen or equalize or cancel out, the needle remained a blur. I did it several times with no improvement.
I think I answered my question about whether the bowl was full & the float/needle valve was operating. I don't think there would have been any pressure if the float/needle valve was not operating correctly. However, the pump must be just barely supplying the absolute minimum to keep it full at idle. Fuel level is probably not sufficient for anything above cruising speed RPM.