Float ajustment possiably
You may be setting the float level with it sitting on a bench or table it might need to be float level set with it in the angle of the motor sits in the car or there is a slight possibility your pressure gauges inaccurate gesture check I would I would like to set it as low as possible and see if then it stops flooding
Was the carb sitting for years before you bought it? Probably the needle shut off valve is stuck . Where the fuel line goes into the carb, try firmly tapping (wack) the carb housing with a screw driver handle. If it still floods, its take apart time. Was the "experienced drag racer" a driver, or mechanic.? Apparently he don't know much about carburetors.
SOURCE: 1968 Jaguar E type Carb problem
notorious for being very hard to time both carbs ..sim. probs.haunt many multi carb . set ups just ask any one with old triumphs .if carbs have never been rebuilt i think it might be time .if they have it might be time to replace .if replacing try finding ones with a fule management system.
SOURCE: Rough idle warm up or cold
The carb may be able to be rebuilt but those old *** carbs where not very good to start with. The Weber application is a great one and will last a very long time you can also get a kit for a holley if you want to get more performance. The engine in your truck will last forever as you already know but it will start leaking oil on the front side of the engine. When this happens the tech will try to replace the pan gasket but the problem will be the front main seal. When this happens have the tech change the timing chain at same time and you will save a fortune.
SOURCE: strong order of gas fumes and black residue on spark plugs
The jets in the carb are too big for a 302 with a stock cam. Take it to a carb shop and have them replace the jets with stock jets. (Or DIY and hope). Whne you converted from FI to carb did you replace fuel pump to get correct 7 1/2 psi pressure at carb inlet? FI pumps put out 50+ psi and a regulator maintians pressure at the injectors on the order of 35 psi.. Of course, that much pressure would force inlet needle valve out of it's seat and would probably flood carb totally, but, check the fuel pressure at the carb just to be sure. Good luck. 302's rule!!!!
PS - Check cam specs - FI engine has different cam - intake duration is longer if I remember correctly. Been a while since I got inside an engine...
SOURCE: 2000 Chevrolet S10, 4.3, 2wd, 162,000. Surges
Sounds to me like fuel delivery issue. If i am correct this engine has the injector unit inside the intake manifold. When the engine needs the extra fuel for accel or loads it just isnt there. You are going to have to do a fuel drop test to determie if the correct amount of fuel is being released for the amount of time the injector is open.
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