I'd check the oil level on the dipstick to see if its over full? That would be the fastest way to see if your engine was being drowned with gasoline. I'm not doubting your carb issues but I'd be more inclined to think that maybe the engine block needs align boring? Just a couple of thoughts, more guys will have more later I'm sure. The best advise I can offer is take your time finding the cause of the problem. Nothing is bullet proof, but some are tougher than others and your choice here should be a good one, you just need to get all your ducks in a row.
Don