Thought I would follow up on this matter. I finally ended up getting a replacement pump. Part of the issue was whether it was okay to use a SB pump on a BB. I know recent posts have talked about whether there is in fact a difference. Only thing I can see is that the fitting for the pressure side hose is different (at least on the BB pump I just got) and that fitting (No. 24 on the diagram above) is not interchangeble SB to BB. Everything else lined up, pulley/bracket-wise though. Couple things I did figure out. After installing the pump and filling the reservoir with fluid, I jacked up the front end and cut the wheel both ways, all the way, as suggested. Didn't work in my case. I got some air out by doing that, but it wasn't until I started her up and did basically the same thing, that it worked. Also, When you are doing this with the engine on, it is best to slightly underfill the reservoir. At one point I had a mini geyser out of the vent hole on the top of the cap. And this was with the reservoir still at the "fill" line. Once air was out of hte system, no more shooting fluid.
Thanks again for all the help!
Mike