With the heat shield installed, and the old spacer, it finally ran decently. I was able set the idle, and the fast idle also appeared to work correctly and kick down. With the vacuum gauge hooked up, it was showing around 18-20 under light throttle.
It seemed happy to idle at around 850-900 rpms, but I did notice that at idle it was still running rich. Adjusting the idle screws in further did not appear to make any difference.
On a hot start, it cranks over with no throttle input, which is nice. On a dead cold start, one pump of the accelerator would set the choke about 1/4" open, but it would not crank over well at all. If any one has pointers on setting up a divorced choke, please let me know.
I have some bad belt squeal when revving it more than 50%, which I suspect is due to the alternator being misaligned with the other pulleys.
I'm embarrassed about not knowing about the hot slot, but here we are.