Hmmm. It seems that the one problem has morphed into two. The gas doesn't usually come out there when the float sticks. I think you may have an internal gasket failure. Whether it matters or not when you get it to quit flooding is the question. You may need to make a float level adjustment now. Before you go any further make sure you have a large canister filter in front of the carb. This problem could stem from dirt/contamination in the fuel. I would also get some STP carb cleaner and clean the needle and the sleeve it rides in. 2 bbl Rochesters are bullitproof with a good filter. After lots of service they build up fuel varnish on the needle.