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It looks like you have a fuel petcock shut off ... that is supposed to prevent the gas from going to the carb when the engine isn't running... the vacuum from the engine opens causes the petcock to open and allow fuel to the carb ONLY when cranking or running. So it looks like two problems bad petcock, and leaking needle and set. I'd be installing a new petcock and a good fuel filter and checking the gas tank for rust and make sure it is clean. You can pinch the gas line a bit to shut the gas off to help start a flooded engine, or pull the gas line off and plug it till you get the engine started and "dried out" . It looks like the petcock should have a screen filter, make sure it has one and in good shape. Debris from the gas tank will cause a needle/seat to leak.
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