If it's a Continental L6-226 it's the same engine (nicknamed superhurricane) as was used in the Willys Wagon and Pickup trucks from 1954-63. Check with
www.willystech.com for info on that engine. It was used offroad so you should be able to get an offroad carb/carb kit for it that would help with your flooding. I have heard of these engines not liking certain plugs, and people using AC plugs sucessfully in them. They are good reliable engines. Oh yeah, and check the carb to make sure the power valve isn't stuck open. Also make sure all the passages are open and none of the diaphragms are ruptured. The carb that was normally used on that engine is notorious for having problems that make it run way too rich.