Seems like really good news so far. Let's see how it goes. I have good hope. I am not sure of the effect of having the precharge at 5 psi was having. You have already seen a big increase in the amount of water that the pressure tank delivers before the pump has to turn on again. That is good.
Well-X-Trol tanks have "multi-dome" construction, and I have not yet thought through what the expected behavior was at 5 psi precharge.
https://terrylove.com/forums/index....ell-x-trol-and-champion-pressure-tanks.65692/
How did the air get so low? I don't know. Do put a sealed valve cap over the valve if you don't have one in place already. The caps on cars and truck tires have seals too.
With a submersible pump it is usual to have the air precharge 2 psi below the cut in pressure. With a jet pump there is a 4 or 5 psi difference, because the jet pumps are slower to deliver pressure. On your typical pressure switch, turning the nut on the big screw 3.5 turns CW raises both the cut-in and cut-out pressures by about 10 psi.
To compare the calibration on your water pressure and air pressure gauges, you can read the air pressure when the pump is off and the water pressure is above say 34. At that time the air pressure and water pressure are almost the same. So if there were say a 3 psi difference observed, you could just make note of that and adjust readings in the future with those gauges.
I have a cap on it maybe lost pressure over 23 yrs. I've lost pressure at least 3x before. 1 the line was frozen 2 plastic 90 degree fitting cracked. 3 ran out of water changed pump . This week. Presure holding steady at 50. I ran some faucets.