You're welcome!
I did the pressure checks in gear and then talked to Acadian - Brian said the pressures sounded fine and that the issue was insufficient volume with the hydreco pump, caused by old seals. He explained that this was verified by the fact that turning the adjustment screw increased pressure up to a point and then pressure dropped which means at that point pressure was too high for the old seals and they leaked fluid (internally).
There is no actual issue with operating the boat though eventually it could leak so badly that it might not engage but once the clutches are engaged, very little oil volume is needed to keep them that way and the operating pressure is fine.
So, two Hydreco pump rebuild kits are enroute...