Well long story short -- I got the catalytic converter installed yesterday and had an hour and a half before emissions closed. My girlfriend was anxious to see if it'd pass so we drove over to the testing facility. Of course, as I suspected, it failed. I called a shop near my house and they were willing to take a look. They have the same equipment as the emissions facility and adjusted the mixture on the carburetor; they said the readings at idle were within spec but at 2500 RPM they were still too high. At the moment they're changing the jets in the carburetor and will get it dialed in and will run it through emissions for me (you have 10 days for a free retest).
On the plus side, I know it didn't fail visually -- technically it should have everything on the emissions sticker under the hood (EGR, air pump, carbon canisters, etc), however they didn't seem to notice or care. They did however take their time checking on the catalytic converter. The last part of the test is the gas cap (not the tank) -- which since it was new, it passed.
Since I really don't have much experience with carburetors, the rarity of the truck, and since I'd like to get the truck legal I think it's worth having a shop fine tune the carburetor. Plus, I'm sure they'll be able to get it dialed in much more accurately than I'd ever hope to here at home. Not cheap, but this is paying for expertise!
