Well it looks like the fuel pump fixed his problem. He changed out the pump and changed the oil - took it out for a drive and it held oil pressure. He took it out for second test run and still good to go. The gas odor is barely present and is probably residual. Thanks to everyone that chipped in.
He still needs to address the air/fuel mixture issue. He will tackle that when he gets some time off. On that note - I know the MC2100 was a massive upgrade for my 85 CJ. Can he do the MC2100 ugrade if he's running a one barrel carb? Would he have to change out the intake manifold to do it? Would it be worth it? Is there known upgrade for the one barrel carb on that motor that is similar to the improvement the MC2100 is over the BBD?