From hagar,
"Pressure in pump MUST be 43.5 Psi at 1000 RPM engine "
"Pressure at 2000 Rpm -about 75.4 Psi"
What is "idle"? Do you have a tach?
I assume your .029 is in inches then, IIRC it should be .037"-.040", so yeah, lots retarded.
Is your IP stock? How old since rebuild/calibrate?