you guys are leading me in the right direction... I checked secondchance garage and they had a nice adobe flash display of different vacuum gauge scenarios. The scenario they showed that came very close to matching my reading was indeed indicating a valve not closing all the way. Almost a valve overlap it said. Which would make sense. When I removed the spark plug from #5, it was the worst, almost 3 times worse, than all of the others. It is the one in the video where the tip had just about "welded" to the electrode. Cylinder 5 was also the one that had the least amount of heat when compared to all other cylinders exhaust temps.
Next time I am in the garage I will take the valve cover off and check #5 intake and see where we are at. I did adjust the valves before I put the engine back in the car, so who knows? I may have adjusted #5 intake too tight... If it is not #5 then I will do a compression check on all cylinders. Last time I did this I was at 155 for all 8, with very little variance from that number. That was some time ago however.
I will let you know how it turns out. Thanks for the advice guys. 
 Daniel Jessup
          
			    				
			    Daniel JessupLancaster, California
aka "The Hot Rod Reverend" 
check out the 1955 Ford Fairlane build at www.hotrodreverend.com