Most street engines use about a minimal 6.5 or usual 7.5 power valve. Especially with a turbo transmission. I would check to see if your vacuum advance is hooked up properly or even working. This all depends on whether or not there is aftermarket cam in the motor that has too much duration. If this is the original
L-79 cam that came in some of those Camaro's of that era is would have a lot of duration with about .447/.447 lift. Duration at .050 is like 284. I use one of these camshafts in my Green Monza that runs 10's in the 1/4 mile. The other thing is that those motors also came factory with solid cams once in a while and 11 to 1 compression. I would recommend checking out the vacuum advance, then rebuilding the carb as a lot of the old Holleys get problems like dead spots, leaks, float issues, etc.. If it is dumping way to much fuel down the carb somebody could have changed the squirters, accelerator pump, jetting, or even the pump cam could have been changed. It is hard to say what could be wrong without being there to see what is actually going on and how the motor is running. Sounds like it could also have a bad needle and seat.
I would check the float level too. Check out on line the Popular Hot Rodding 600 CFM to 750 CFM Carbs Holley Carburetor. It is a Step-By-Step Rebuilding Guide, Troubleshooting Tips, and Identification Guide. That may help you out !!
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