FX Elite Questions

Just picked up a used Royale Elite 500
Is it common to have a blast of air coming from where that breech and barrel meet? I do not see a o-ring inside that bolt/breech.
I removed the barrel to inspect everything and noticed obviously there is no transfer port because it flows through the bolt. How do you know how to re-align this barrel?
What speeds would be ideal with JSB King 25.4gr?

Thanks!