Most, if not all 194/250's are hydraulic. Hydraulic lifters do not have clearance, they have pre-load. In my small blocks, I have always removed all lash and tightened 1/4-1/2 turn more, and it has always worked. It is possible that there are solid lifter versions of this motor, but I have not heard of them (don't take my word for it!)
I don't know what you mean by "pours out the carb, but the manifold is dry" Is it pouring into the manifold, or outside of the carb? Is air pushing out from the intake? This could mean stuck or bent valves or incomplete/ not opening valves. i would check compression, to make sure the valvetrain is doing what it's supposed to.
