Pump is good. It is activated by a oil pressure swish and that is not stuck close. The only thing i can think is tank pressure but who knows. I just squad from a shower of gas coming from a hot engine. It wont be the last time i guess.
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Some Venezuelan guy pulls PCV valve and dodges a spray of rather flammable liquid.
To update this… I most likely damaged the float on the old Holley when I reinstalled it. I had read about that and was also warned on the Holley DVD but we thought did everything right. Wrong. This allowed the float to stay open and let the carb overflow into the block. I admitted defeat and towed it to a shop I know with a bunch of old school mechanics where I had them ditch the Holley and instead rebuild and install the Quadrajet I got from Snowdogyyz.
They told me that it was smoking really badly when they were done and they hammered on the worst case scenario possibilities. Yesterday I picked it up and drove it 9 miles to my work and it did start to smoke when it hit 150* but not like it did in my driveway when we were messing with it. I put 50 miles of highway driving on it today and didn't see any signs of smoke when I pulled back into the driveway. The oil was clean and had a slight gasoline smell. I'll put some more miles on it tomorrow and try to burn off more of the gas/oil mix that's everywhere under the hood. I hope any gas that was still inside the engine has largely burned off now. I'll change the oil and filter again after another day or so of driving.
Thanks to everybody who came over to help and all those who have posted their thoughts here.