Double Duh. I made two mistakes above.
1. Turned the drum the wrong way.
2. Didn't read the FSM, instead went by Coolerman's stated measurements for preload for his year (and possibly he corrected for the different measurement point).
So to correct #1, I redid it in the other direction and pulled almost 5#.

4.89#
I then checked MY FSM for my 1976 year and saw 2-9# as in range for preload. So, I am in spec! Yes!!!
For grins, I wanted to show, based on input from my better educated gear heads, how to calculate the preload specs from the bolt instead of the edge if you couldn't find a string ("My kingdom for a string!")
I measured the distance from the center of the drum to the center of the bolt (1.86") and from the center to the edge (3.34"). To convert the specs, all we have to do is get the ratio of the lengths and apply that ratio to the max and min values above.
So 3.34/1.86 = 1.79. Applying that ratio to the limits at the bolt would be 4.65 lbs min and 16.11 lbs max for new bearing, 1.86 or more for old bearings. If you want to measure from the bolt, do do at your own risk, but use this method to calculate your min and max limits.