Re: engine will not reach speed
Were the gaskets in your kit blue and rubbery? If so, good as that's what's in the marine kit and you should be OK. Did you check your powervalve to see which one is in there? My fuel system manual does not list the specs for the Holley number you are reporting ( 80158 ). Not really a surprise as my manual is for '97 models. Maybe one of the VP techs here can post the specs for that one. However, your new powervalve should have the same number as the original.
If all this flooding occurs while cranking, there has to be a problem with the floats or the seat and needle, or mixture adjustment. How many turns out ( 1= 360') are your idle mixture screws? Count them as you screw them into the seat, don't screw them in hard, just lightly until they stop. Post your results. If you had the good float results upside down, the next thing to check would be the floats themselves. Hold them down in a mason jar of gasoline and make sure they don't leak. If that proves OK, check your fuel pump output pressure. Should be between 4.9 and 8.5 psi. at idle. No changes were made to the fuel pump, right? (meaning at some point in your ownership of this boat it ran fine as is) Although I have never experienced it, it seems possible that if your fuel pressure is too high it could force its way past the needle...