With the engine fully up, the oil level needs to be even with the threads on the fill plug....aka put any more oil in the sump and it will overflow. The oil needs to be what was in it. On my 90 the oil was clear and that's Merc Quicksilver power steering fluid. On other engines it may be red which is automotive ATF, per the manual.
The bypass screw....90 degrees around from the fill plug and and on the starboard (right looking forward) side should be screwed all the way CW. 20 times should be enough to "burp" the bubbles but that usually requires a top off of fluid.
You may be experiencing a relay problem otherwise.
The relays are side by side on the starboard side of the engine, kind of low in the powerhead area. Blue sky, green grass.....the blue wiring is up, green down. Just swap the relays, both are the same. If your problem follows the relay, time for a new one. If you changed your pump due to a shorted motor, you can bet you can have a burned up relay to go with it.
Otherwise you may have a sticking pressure relief valve. On that I'd suck out all the fluid (that you can) from the sump and refill with fresh....go through the burping and top off again and see what happen; might free it up.
Cheers!!