After experiencing numerous issues with air in the fuel line, I finally decided to remove everything between the tank and the engine last fall, for replacement this spring. What I found was a distorted gasket under one of the threaded plastic plugs in the Racor housing. Turns out a friend had a similar problem and replaced the plastic plugs with metal ones, available from a local Parker store (http://www.parker.com/portal/site/PARKER). His plastic plug had cracked, allowing air to enter the system.
I'm planning to buy a complete new filter body and install the metal plugs as well.
When it came time to pull the boat, I couldn't get the engine to run more than a few minutes. After bleeding, checking filters, etc., I decided to bypass the Racor temporarily, and it ran fine. That's what tipped me off.
Other items in my project include draining and wiping down the tank, removing & inspecting the pickup tube/shutoff valve (both already done), and replacing the hose.