fuel or timing?

So a friend of mine came over and offered some help working on the truck. And I got it to crank and run on its own for about ten seconds four times in a row... but when I hit the gas pedal it floods out and gas literally shoots out the top of the carburetor. Now the weber is new, and barely been adjusted. I have a fuel pressure regulator that is set at 3 psi. The notch onmy crank pulley is on the T mark on my timing cover, the 1 on my cam gear straight up, after all the cranking these maekmarks still align so my belt isnt slipping... with my buddy there we bith looked at the plug sparking and its firing consistently, but the spark looked weak... the first spark was nice and bright white/blue but after that they looked yellow which I dont think is a very high temp spark... so I don't know if I have way too much fuel, or if the spark isn't hot enough to ignite it. We ohmed the coil to see if it was weak but it tested within spec. My dad still thinks its a timing issue because be swears that crank notch has to be at 12 oclock (whereas on the T its at like 1 oclock). But I'm listening to the guys that have owned these trucks and have way more experience working on them (you guys lol). Everything looks like it should be correct, other than the fuel spraying out the top of the carb. It starts and runs (roughly but on its own) when I crank it without hitting the gas pedal, but as soon as I hit the gas it floods or chokes out and thats when it spits the fuel out... any ideas would be greatly appreciated and again I thank everyone for yalls help. I couldn't even have made it this far without this website so thank you for that.