Well, tonight did not go as well as I had hoped.
After experiencing the high (2200-2500) idle speed at the initial startup, I called Holley's tech support. The tech guy suggested I turn the idle screw counter clockwise 1/2 turn at a time to get the idle down. After one full turn, the idle dropped to about 1400 RPM. He said I should let it idle at that speed until the engine came up to 160 degrees and modify from there. If that didn't solve it, the next step would be to look for a vacuum leak. The IAC should read between 2 and 10%.
Later, my buddy Rob came over. After the engine warmed-up, I tried turning the idle screw back & forth. The IAC would sit at 0%, then suddenly shoot up to 50%+ and the engine would die. Couldn't get it to idle well below about 1,000 RPM. We decided to leave it there and let it learn, but it would just run for a few minutes and eventually die.
We thought it might be a fuel issue. I only had a few gallons of gas in the tank, and the fuel pump sounded a bit funny. Managed to drive it to a nearby gas station and put 7 gallons in it. Went for a drive down the road and through the neighborhood. It seemed to drive well until idling down the street. It died right in front of my house.
Got it in the driveway and we were sitting there watching it run and die. I don't have a fuel pressure gauge, but we were watching the flex line by the firewall. It would sort of surge back & forth, then go limp just before the engine died.
What's weird is that it will run fine at higher RPMs, but it does not want to idle. I guess my next steps are to get a fuel pressure gauge and take some vacuum and timing readings as reference points.
I'm all ears if anyone has suggestions on where to start trouble-shooting.