I have a 1971 Firebird with a rebuilt 455HO engine. The engine is essentially a stock rebuild except for a high volume oil pump and a points eliminator kit in the distributor. I didn't have the original carburetor, so I bought a 7041263 which according to the seller was set up to function like the original 7041267. The carb then sat on a shelf for a few years before I used it due to a delay in getting the engine reassembled.
I had trouble with it since the very first startup. Gas would shoot out of the float bowl vent when I tried to start it, and when it did run, the idle was rough and I had trouble getting the mixture adjustment to work right. The problem with the mixture adjustment was that to get the strongest vacuum at idle, the passenger side screw was turned almost all the way out, and the driver side screw had to be turned almost all the way in. Even at that setting the idle was still rough and I only got 16 inches of vacuum. The seller asked me to send the carb back so he could repair it, he later told me that the float was too high and it had idle tubes that were two small; he fixed both of these things and sent the carb back to me. The problem with the fuel shooting out of the float bowl was fixed, but the idle was still not right and the mixture screws behaved the same way as before. I contacted the seller again and he instructed me to block the "fixed idle air bypass" holes in the base of the carb. This did not fix the problem (though I did have to readjust the idle after this). I have also noticed that the airhorn gasket is wet when the engine is running as if it's being saturated with fuel. I tested the fuel pressure at cranking speed and I got between 5 and 7.5 psi.
I'm not sure what to do next. I was unable to find any vacuum leaks, or any other problems with the engine mechanicals or ignition, so I'm thinking there is something wrong with the carburetor. It was freshly rebuilt at the time I bought it, but it did sit for a few years. Could that be the problem? can a 1263 really be made functionally identical to a 1267 like I was lead to believe? The engine seems to run fine at above idle speeds, but not at idle. I'm willing to disassemble the carb if it would help to find out the issue. Any advice will be greatly appreciated.