Tom,
First, I think Naj is talking about the valve at the air filter. Bob recently wrote a post about cleaning/lubricating the valve that opens/closes the air passage at the FI Pump air filter. Make sure that yours is closing and not letting extra air in through the filter and into the intake manifold.
Second, check the line that runs to the transmission. I assume your car is an automatic? Joe Alexander has mentioned that the vac line runs from the intake manifold to a plate on the transmission. Under this plate is a rubber component (part of a switch?) that reacts to the intake manifold vacuum and thereby creates some input to the operation of the transmission. This rubber component can fail over time. Plug this line (don't drive!) at the intake manifold to see if this effects your vacuum reading.
Third, there is a vacuum line running to your distributor. I'm not sure how you could test the vacuum in this line while the car is running. Maybe you could install a T-fitting and measure off that? Maybe you could use a felxible line as a stethescope(?) and listen for leaks along this line?
Rodd
Powell, Ohio, USA
1966 230SL, Euro, Auto, Leather, both tops
1994 E420