fuel pressure regulator

If you're still running the stock pump then fuel pressure is likely not what you wish to adjust. Weber carbs tend to be set up rich out of the box and (especially for an f engine) therefore may need a jet change. If your plugs are coming out wet I'd come down at least 2 jet sizes and more likely 3.

 

If it's used it may also need a needle and seat.

 

Here ya go

http://69.61.14.149/forum/index.php?board=1;action=display;threadid=6187

 

Theo raises a good point. Be sure the float is not stuck or adjusted too high and pouring gas into the intake. I'm not sure how much gas you're talking about getting into the engine.

If it's not floats/needle valves then I'd go back to jetting. Create a vacuum leak (pull of the brake booster line) and feed it some extra air. Based on what the engine does you'll know how much extra fuel it's getting.