Carb and distributor questions...help

[Frankenstang65]

Ok...so here's the deal. I've been having a lot of trouble with my holley for quite some time, and even more so in the last few days. Yesterday my car doesn't start in the morning and end up being late for school. So last night I decide, "this is it...I'm gonna rebuild this P.O.S. once and for all". I take it all apart, clean it up, and put in all the new stuff from the kit. I put it on the car this morning and expect it to fire up without too many troubles. It just turns over and over and over, and no cumbustion takes place at all. I look under the open hood as i'm pumping it and see gas belch out of the vent tubes. I adjusted the float level several times but it still seemed to flood as soon as the fuel pump started giving it any pressure.
So, while I'm waiting for some of the gas to evaporate off the intake manifold, I pull the distubuter cap and check the points. I want to check if they are opening and closing ok, so I have a friend turn it over a couple of times (also looking for leakage of the carb ) and I notice that as the engine turns over, the rotor stays stuck in place. I turned it over many times..every once in awhile it would jiggle, but not much.

So here are my questions relating to this story:
Carb: Which way do I turn the float adjusting valve to lower the level of the float? Is it possible that I put the power valve in backwards? Any other ideas why it would be flooding?

Distributor: Do I need a new one? What would break to cause this to happen? Is there a possibilty of damage to the gear on the cam as a relsult? Any other ideas?

Any advice would be very much appreciated. Thanks a lot!!