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Not uncommon for the power valve to develop a leak and cause a rich condition or the multi-ply power valve gasket to separate. I like to use these gaskets when replacing a power valve: https://www.ebay.com/itm/351848201310
The same seller has power valves in various ratings and other carb parts.
How far do I want to go with a rebuild when taking it apart? I’ve never done this before so not sure what I should replace. It seems to be seeping fuel out somewhere so I know all the gaskets probably need replacing.
If you're not sure you could send to Cowboy John in Fla. He'll rebuild it for you or he can send you a rebuilt one and use your old one for a core or just buy a rebuilt carb and keep your old one. It will be done right.
He tests them on an engine and dials them in so all you gotta do is slap it on your truck and you're good to go. Or you can just buy the rebuild kit from him. Either way , all parts are ethanol proof.
If it is seeping out from the gasket at the top of the carb, it is likely your float is stuck open. If the truck was sitting long enough for the bowl to completely dry out, the float may have dropped far enough for the needle to get cocked in its bore or fall out completely. The float "drop" is supposed to be set so that can't happen, but some people don't check that.
Attached is a good guide to rebuilding, better than the shop manual IMO.
I also wanted to buy a spare carb and rebuild it to have on-hand. Found one in great shape but its an EBU from a 52-53, seems like that should work though it appears to be identical.
What carburetor do you have currently? There are many many versions of the Holley 94 family and they don't all easily interchange. I wouldn't blindly recommend you use the EBU pictured as it doesn't have all the truck specific components.
If anything, my advice would be to get the correct 7RT or 8RT carburetor depending upon your linkage setup and supposing you have the truck air cleaner.
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