Joe, with all the above posts, and all the things you have tried, it seems like you have the possibilities pretty well covered. So, my WAG leans towards 'valves'. But, what?, in relation to valves? Bad adjustment? Too tight would tend to support the symptoms (I think). Or, 'hanging' valves? (stem-to-guide too tight) Seems to me, if the valve adjustment is too tight, you should have seen it with a fluctuating needle during the vacuum test. (rapid intermittent dropping from normal) On the other hand, too tight, combined with the posts by Dick S, could easily give the symptoms you report.
If I was looking for something to try, and this is another WAG, Maybe a strong dose of MMO in the gas, or diesel in the gas, and repeat the 'hot' test. This would be a relatively cheap and easy try. By strong dose of MMO, I mean something like a pint or more, to 10 gal of gaso (not the 4 oz, recommended on the bottle). Or, if diesel, I mean 10 percent (or more), like 10 gal gaso and 1 (or more) gal diesel. This 'try' would be for the theory of 'hanging' valves. If the problem is 'too-tight', this 'try' would probably do nothing.
Let me ask... Why the valve job? Is there any chance there is some problem with the 'workmanship'? This might lead me to think about the valve adjustment.
Is this the same engine that you got from Jon? If so, I thought you had considerable history of 'no-problems' with this engine. And, again, if so, then did all of this start AFTER the valve job? And, using Jon's logic, this would lead me to think there is something wrong with the valve job.
And, another thought & question... What are your driving habits? In socal, I think it would be normal for you to spend a lot of time on a freeway. Right? This would tend to 'negate' hanging valve problems. In OH, are you doing a lot of highway driving? Or, is it a lot of driving at low speed, around town, to the store and back, etc.? My experience has been that if I drive my heap mostly on the highway, I don't have hanging valve problems. But, if I do a lot of short distance driving, I get problems with the valves, missing, popping, etc. As soon as I return to the highway, and sometimes add a gal of diesel (or MMO), valve problems go away.
Just my .02. As you can tell, I'm just tossing out what are likely stupid ideas.
Hope you are doing well. We miss you. Bob
(PS, side note... One day, at Jon's shop, there sat Dudley's 38, for a valve adjustment. Seems that there are folks out there that do it incorrectly, and as soon as Jon did a proper adjustment, Dudley's car suddenly ran great. Food for thought.)