I've got an 86 f 150 with an efi 302. Its gettin way too much fuel. When its cold it will start ok, but when its running it smells like raw gas. Onch it warms up a little and you shut it off it will flood instantly upon restarting it. It will only start if you pull it or hold it to the floor when crankin on it. When it does restart it blows black smoke for a bit till it somewhat smooths out again. Its got a new starter in it, new plugs, wires, cap, and rotor. supposedly the previous owner changed the fuel pressure regulator on it and it has a new gas tank. I'm thinking its either a sensor or possibly a restriction in the return line

 

Try running some good fuel injector cleaner through the system...you might have some stuck injectors. I'd also clean the throttle body assembly really well.

 

I would check the codes and see if you get any. If you take it somewhere to get the codes checked, they may have a fancier code reader that can tell you what the coolant temp sensor is reading. If the engine is warm, but the sensor says the engine is cold, then it may overfuel the engine.