Hiya, another NC'er.
You should see around 38-40 psi and you should see it even if you just turn on the key but don't crank it. You shouldn't have to worry about air bubbles either. Yes, the engine should crank without the O2 sensors being plugged in, it may not run right but it should start.
My question would be about the regulator. If the diaphragm inside is gone south, it could cause the engine to go either way... either lean or rich. I'd check that out. If it doesn't have an adjustable unit, it'd be a good time to get one.
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