Alright so some not so great update:
I got a fuel pressure regulator and hooked it up inline between the fuel pump and the carb. The default setting on it is 2.7 PSI and it flooded the carb... I adjusted it as far out as possible (theoretically the regulator's lowest setting is 1 PSI) and it STILL flooded the carb.
This got me wondering if something was wrong with the float bowl. So I proceeded to take off the glass and removed the float. I then held pressure on the needle valve as if it was being pushed in by a bowl full of gas. Needless to say gas squirted out and around the needle valve anyways.
I removed the brass fitting that the needle valve and spring go into and took a picture:
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So while looking at this picture, when the fuel pump is on, gas will come out from the space between the brass fitting and the metal insert (that the needle and spring go into).
My question is, is this the normal function? If so, then how does the needle and spring seal it?