It's running! I had a bit of a scare though. My oil pressure return line popped out when I first started it up and the oil that spilled all over the side of the engine and on the floor looked cloudy, which had me freaked out about a possible head gasket or worse problem. I pulled all the spark plugs and none had water on them. On closer inspection of the oil, it was very very aerated. So I drained the oil, and when it quit draining I ran the water pump for a while and no more fluid came out the oil drain hole, so I figure the oil was too thick for the temps. It was a mixture of 20w-50 and Lucas oil and the temps were in the high 20's*F, so I topped it off with some room temperature 10w-30 (and changed the filter just in case) and after running it for a while the oil still looks good and clean. No bubbles, no water, but I'll be keeping an eye on it.
My water inlets both seep a little around the welding, so I probably missed a spot on each. I'll look more at it later, but I may just add some aluma-seal to it and see if it stops.
Here is a video of it going. YouTube made it fuzzier, but you can still get an idea of what is going on. The smoke around the fill tube is mostly the oil burning off from when the return tube popped out of the side hole. I still haven't decided exactly how I'm going to affix the return line to the tube. Rev's pretty good considering there is not throttle position sensor and isn't tuned very well. The timing is probably off what is displayed by 5-10* as I haven't checked/calibrated it with a timing light yet. It gets a bit warm, but with hardly any tune and almost no air flow on the radiator, I can't complain too much, hopefully it cools off once settled in.