So just a follow up. It was the float valve in the carb. Replaced the whole carb with one from Repair Clinic I found on this site. Got a 5% discount. They have a video on their web site that shows how to remove and reinstall the carb, it was super helpful. They did say reuse the old gaskets in the video, which was a mistake. I ordered a new set of gaskets, put it all together and now the engine runs fantastic, and no gas leaks.
