Sounds like fuel regulator to me!! You cant be running over 8-9 fuel psi on carb with some issues. At idle, that much psi over runs needle and seat and floods motor, but can sometimes handle it at higher rpms! You should not be able to see fuel dumping fuel in carb out of the boosters at idle.

Yea I think the Fuel Pressure Regulator is the problem after taking it apart and seeing this: [ATTACH=CONFIG]504623[/ATTACH][ATTACH=CONFIG]504624[/ATTACH]

There was a bunch of crud in the needle area also. I it all clean now just waiting to get an oil change before I bring it back out for a lake test!

looks like you have found the problem!

I agree with the other posts. To much fuel pressure. The reason t would run at high rpms is the motor was pulling fuel at a higher rate from the bowls. At idle it will push past the needle and seat and flood the motor. Basically the reason you saw black smoke and could smell fuel.

Is it just a fuel pump or a pump with a regulator?

Agreed... That's your problem.

Ah, the wonders of ethanol-laced fuel.