It does smell a bit rich, too. That might make the idle a bit funky, but wouldn't cause low vacuum.
We have access to a dyno at a local shop, so after a basic tune-up, we plan on using their wideband to dial the AFR in.
I am a lot more familiar with late model Mustangs, which run 20-22"Hg at idle with stock cams, and we see the same on my son's Honda. I was guessing that a stock 350 with stock cams would also see about 20 as well.
Thanks for the validation on the low vacuum.