So... after work I decided to pull apart that shiny chrome and glass fuel filter, and see what it looked like on the inside. I couldn't see through the glass case, because it was so dirty.
Here's what I found:
Yeah, like a damn small animal was living in there. I think the previous owner got the fuel cell out of a backyard or something - and clearly it had something living in it at some point.
I removed that fuel filter, and connected the fuel line directly to the fuel pump.
Then went through Weber's setup procedure... Started at 2 turns out on the mixture, and 1 1/2 turns in on the idle speed. Adjusted mixture and idle a few times, and took it for a spin.
RUNS LIKE MAD! Gobs of power (for a little 4 banger), and no hesitation at all.
It's still getting a little warm (only if left idling in the driveway for 15-20 minutes)... Could be timing still. I need to get myself a good manual that actually tells me the RIGHT way to time these trucks - since the opinions on this site vary so greatly.