300/440/550 '85 JS550 floods out easily, need help with carburetor skillz! Amateur here, help plz

Picked up a craigslist '85 JS550 this past weekend. $300 bucks! Hooked up the hose attachment, started ski (took a minute, holding down start button for a good 15-20 seconds). New starter installed last summer. Starter is very strong. Once the ski started we turned the hose water on to keep the engine cool. The engine gets hot fast! The rear spark plug fouls out. The engine was revving fine, water was coming out of the exhaust too due to hose attachment and running water. At one point from revving the engine, the engine all of a sudden went full throttle on its own, I pressed the STOP button on the handle bars and nothing happened. I pulled off the spark plug wires and the engine was still running on its own, full throttle! I then pulled out the CHOKE lever to stall the engine so it wouldn't blow up. After this we immediately turned off the water hose. The throttle cable was sticky, but it wasn't even engaged on the carburetor?! My thinking is that the carburetor may have a modded out jet installed? **The fuel line going into the carburetor dumps a lot of fuel into the carburetor, causing the spark plugs to get wet. To stop this we put a small clamp onto the fuel line hose to cut the fuel intake by maybe 50%. This allowed the ski to run normally! How do I get the fuel not to dump into the carburetor? How do I adjust it? It's a standard Mikuni carburetor, 38 mm. Without the clamp we would have to constantly take the spark plugs out, dry them, and put back in. Please see the attached photos. I would appreciate any recommendations on how to get this ski going the correct way! Thank you:unitedstates::smokin::burnout:
 

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