Cal...naturally the video displays OK ....congratulations on the purchase 
I am sure the sound is amplified by the kitchen sink 
The overboard discharge ...is this normal...is there a de-oiler?
The engine speed is difficult judge....have you compared the engine running by itself out of the vessel or with the prop shaft disconnected?
As Nick has said ...."Let the boiler pressure build up until the safety valve just begins to lift"
What pressure is the boiler providing?
The engine flywheel seems to have a wobble
.......is it secured by a grub screw?
Please post another video displaying more of the engine when under steam.....Derek 
Derek,
To answer your questions (as best as I can):
I thought the sink added a nice echo, didn't you?

The overboard discharge is as it arrived, I have seen several other boats with this arrangement. There is/was no de-oiler with the boat.
I have not run the engine out of the boat, I do know the running gear turns very smoothly and with no friction.
I suspect both you and Nick are right about my not letting enough pressure build, I don't believe I have ever let it build enough to begin to lift the safety valve. Perhaps I will have time tomorrow to try again.
I don't know the pressure as it doesn't have a gauge.
I will investigate the wobble in the flywheel.
Thank you for all your great advice.
Cal