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How did you go about checking the choke?
Also, if you have the original carb, the 1bbl for the 300 doesn't have a power valve or anything like it. An idling problem would most likely be caused by a vacuum leak.
Do you still have all the multi-colored hard plastic vacuum lines on the engine? If so, you can probably rest assured that they're leaking air everywhere and your best bet is to replace the entire vacuum line setup from scratch with new flexible vacuum line and vacuum T's.
If it's dumping raw fuel, your float setting also may be off or sinking.
I can almost guarantee you that that is your problem right there. As they age, they get hairline fractures in them that are almost invisible to the naked eye. As they accumulate, you get vacuum leaks everywhere, and they're impossible to patch up since there so many of them.
Go purchase about 20 - 25' of vacuum line and about 10 vacuum Ts. Then, go through the entire engine from left to right, front to back, and replace the entire vacuum line system from scratch. (Pull off all the rubber premade vacuum boots, like on the ported vacuum switch on the thermostat housing). The project really intimidated me, but it ended up being very easy, and kinda fun. All that'll be left when you are done is about 2 or 3 sections that have different size vacuum lines and you'll need to match those up at the end.
You'll probably fix your idle problems, and have an engine that drives better than before you got it.