Ha ha ha, yep! That's all about right, I have been whatching gas tank gauges drop for a long time now....they do this you know...on something with some power, OH hell ya they'll do it right in front of your eye and stay down there.
Your build below is about just right for this "Drinking like a whino fresh outta overweekend lock up into a free whine tasting store with no one around but him"
Don't worry though, it's normal. Just wait till you build something with a boat load of power. Then you'll really feel it.
Like it said above. A vacuum gauge is very helpful with tuning. You shouldn't have the burning eyes syndrome. That is running rich. When you achieve the highest vacuum reading on the gauge, 1/2 of the reading plus 1 or 2 is wheat the PV will be.
Remember twisting the distributor is all part of the tune as well. This will all take some time. Enjooy some track runs while doing this.
Rob