Re: extreme fuel leak
Yea, it sounds like you found the issue. If you ran the motor within the last year, then the fresh new gas should clean out the iside of the carb, of the old dried up oil. Sometimes, a carb with old fuel will dry up and make the float stick open. In this case, I just let fresh new gas sit in the carb for a couple hours and loosen it back up. If the float is working correctly, it should shut the fuel flow off, even if if the tank is pressurized. After all, the '50's motors had tanks that worked exclusively with pressure.
When a tank is not vented, typically, a fuel pump will create enough vacuum in the tank, to where the vacuum pressure in the tank, matches the capability of the fuel pump pull and the motor shuts off. Open the vent and the fuel pump can pull the fuel up again.