Ok, well I got back out there and hooked up the plow, I'll make my observations:
I parked the tractor on the wood blocks, I see the right lift bar needed dropped more. Looks to me that the plow would leave about 4" between furrows the way it is now, but I could remedy this by moving my tires in to the next hole in the axles.
There is also an adjustment on the plow frame itself where I can move the bar that the lower arms attach to over, I think 1/4" equals 1" plow movement. Problem is the threads are gone due to rust, so I would have to be creative w/shims or something to make that work.
Looking at the frame of the plow, using the front bottom wouldn't work in this case. The plow would pretty much be directly behind the tire, or maybe a few inches inboard. I'm guessing this whole alignment is caused by it being a 2 bottom, designed for a much wider and taller (and more powerful) tractor.
Next, I have some questions about use that I didn't see covered.
It could still be in adjustment, but I noticed that, if I leave the lever in the float position, the plow will continue to bury itself to the top of the moldboard, until I just stop. It's been said that a 12" plow should turn 6" deep, is that on it's own or with controlled intervention?
The fact that I had to control the depth leads me to another issue: When the front tires go uphill, or the rear tires go down into a dip, the plow digs in more, creating another dip for the next pass. The opposite happens when the front tires are in a dip or the rears are on a rise. This makes for a lot of rowing on the lever. Additionally, I really don't react that fast, eye to hand.
I'm sure this isn't textbook, but what I ended up doing is multiple passes, from opposite directions, only taking say 4" at a time. After a few passes, I think I managed to get the high and low spots leveled off, and it plowed more smoothly. I've attached photos from between a few of the passes, and the last one is where I believe it's ready for tilling.
Comments and suggestions are welcomed, and thanks for the help so far!
Jim