You did a nice job with your questions and pictures. It sure would help us and all the topic authors of troubleshooing type posts were as carefully constructed.
It appears that your carb float is stuck in the down position. A light whack with a hammer on the outside of the carb might give you a temporary fix. One or more of three things might be happening.
1. The float is misaligned and making contact with the float bowl.
2. The float needle is no good or the float lever is not correctly set.
3. The float is no good.
At a minimum, all three of the gaskets will be in a carb repair kit. You will also get a new needle as well as other parts depending on the cost of the kit. Your local CaseIH dealer will have the parts. Kits are available from other brick and mortar tractor/ag supply houses. NAPA might have them too.
Yes, the carb will come off easily when the choke cable and the four bolts from the governor shaft housing and intake manifold are removed. A good mechanic could have the carb off in several minutes.
It is odd that fuel is coming from governor shaft connection. That would mean that the intake pipe from the air cleaner might have at least a pint of gas in there and be leaking at one of the hose clamps.
The petcock is not original. Don't know if you can obtain a replacement with the correct thread. I believe that the original plug might have 1/16th" pipe thread. That could be hard to find as well.
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