The flooded cylinder certainly points to a carb issue, as mentioned, but a quick compression check will either identify a cylinder problem or show that the valves are working correctly. Either conclusion helps to localize the primary problem. Keep us posted on the results.
VICTORY IS OURS! pulled the Holley and bench tested it. Removed the float bowl sight screw from the rear float bowl, tipped it over and fuel poured out (as it should). Removed the front bowl sight screw and nothing came out. No fuel in the front bowl. I refilled the front bowl through the sight opening and fuel immediately started pouring out the base of the carb! I pulled the front bowl and checked the power valve and gasket, looked fine but I replaced it anyway. Still leaked like Bradley Manning. Not sure why the metering block would be leaking like that. Anyway, now I know why #8 was filled with gas. Cycled the engine a few times to pump out any residual gas, let it dry out for a day. Dumped/changed the oil and filter, sprayed some WD40 in #8, put in fresh plugs and new wires. Topped it off with an old Holley 780 vac. secondary carb I had on the shelf (rebuilt it first). Cranked it over and she fired right up. Adjusted the carb and she purrs like kitten. What a relief... thanks guys
Nothing else to see here folks! You can go back into your homes now! Glad to hear you got it running.