I always feel silly over questions like this. Thank goodness for the internet to hide behind! Just threw a Holley 2bbl manual choke on my '62 Olds 394. With the old carb and the new one (I won't pretend that I totally understand the carb) the exhaust runs really rich. If I let the car warm up and adjust the choke to open more, it will try to die. Otherwise, it's gotta keep running rich. And it doesn't have "the smell" of a well-burning combustion like you smell around some cars. It's really acrid and burns your eyes, and stinks up your clothes and anyone standing around! I'm going to pull the plugs tonight and clean them up (maybe grimey from the previous carb) and try it. The dist. has a Pertronix ignition. Otherwise it runs strong....shy the stink!? What do I do?
With the engine warmed up, do you still need the choke on? If yes, I would guess a medium size vacuum leak, maybe a mismatch on how the new carb fits the Olds manifold. Of course, ignition problems can make you think it is a carb problem, ..sometimes.
I would say that the carb may have some build up that keeps it from running unless the choke is on. You say you are adjusting the choke to open more, but if it won't run unless the choke is partly closed, it is requiring the extra vacuum caused by the partly closed choke to pull enough fuel to run. I would say a good thorough cleaning of the carb and the install of a rebuild kit, then some serious attention to proper adjustment of the carb. What you describe is a VERY rich condition and you will foul the plugs soon...
The power valve may blown, dumping gas AND causing a vacuum leak. The power valve is located inside the carb on the back side of the metering block (the spacer between the bowl and body). You will need new gaskets, power valve and gasket and carb cleaner.
What gets me - it's a brand new carb. I may have to look at those plugs tonight. Also, I did bypass my mech. pump and am running off the Holley red elec. pump. Maybe it's not getting enough fuel thru and I have to run rich to make up the difference?
I always thought if your eyes started to burn and melt out of your head, it was too lean, id be looking for vacuum leaks and make sure air/fuel mix is set correctly after the leak check. If you have to have the choke shut once the engine is warm to keep it running, its obviously not getting enough fuel once the choke is open, hence too lean. The choke is just cutting back on the air supply to match the low fuel supply. Thats what i reckon, hope it helps.