Some questions about the spectral function

You would like to state the Källen-Lehman representation through the Fermonic field commutator, that is $\{\bar\psi(x),\psi(y)\}$ but, as far as the proof goes, you can only use this in a time-ordered way. I mean, you should use $\theta(x_0-y_0)\psi(x)\bar\psi(y)-\theta(y_0-x_0)\bar\psi(y)\psi(x)$. This will grant the due appearance of the Klein-Gordon propagator in the final formula. When you will do that, the standard view, seen through states and bound states, holds true.

About adiabatic continuity, you will always get a weighted sum of free propagators with all the spectrum of the theory, free and bound states, that is in agreement with such a hypothesis. The effect of the interaction will be coded in the weights and the spectrum itself.

Finally, positivity of the spectral function can only be granted, and a proof holds, when the states behave in a proper way. This is not exactly the case for a gauge theory and some of the difficulties arising in proving the existence of a mass gap can be tracked back to a problem like this. E.g. see this book by Franco Strocchi.

Further clarification: When you insert the operator generating a translation in the bosonic field, the same is somewhat different for the spinorial case. You will get

$$U^\dagger\psi U=S\psi $$

with $S$ the one I think you studied in the proof of Lorentz invariance of the Dirac equation. Now, you are almost done. This will give for you matrix element

$$\langle 0|\psi(0)|\alpha\rangle=\sqrt{Z}u(\alpha)$$

being $\alpha$ running both on momenta and spin. You are practically done as, using the known relations $\sum_s u\bar u= \gamma\cdot p+m$ and $\sum_s v\bar v= \gamma\cdot p-m$, you will get back Källen-Lehman representation.