Update: Pulled the old pump today, and it was the original pump installed when the house was built in 1971, it is an F.E.Meyers 3/4hp pump date coded 6/71. Confirmed my system has a single bleeder installed just below the pitless adapter which is 2.5' below ground level. There were no holes in the downpipe and his analysis of the excess air source was a bad check valve on the old pump. Even though there were no holes in the downpipe, he recommended replacing the lower 2 sections due to electrolysis. He used schedule 120 pvc specifically marked "for downpipe use" for the lower 2 sections and the serviceable galvanized for the rest. He also replaced the AC line (2-wire) with new 3-wire and installed a capacitor start box above ground vs one in the pump. While he was wrapping up the electrical, I removed the pressure gauge and tank adapter and installed an AVC and reinstalled the pressure gauge. We checked the pump switch contacts and they were in excellent condition so back in service.
Invoice for the new pump (Sta-Rite Signature 2000 3/4hp), 40' of 1" schedule 120, 88' of wire, Pentek capacitor starter & box, AVC, and labor came to just under $1254. While here, he also determined static water level, 42', and well depth, 96', neither of which I knew. Well was sanitized prior to capping off the casing too.
I'm certain my excess air issue is resolved and the AVC will address any potential system inbalance in the future.
Thanks for the help.