Yes, If your vacuum tank valve fails to switch at the top of its cycle, like you say, it will flood the engine with raw gas through the vacuum line...If it fails to switch at the bottom of the cycle the engine will run out of gas.
Hi Kyle:
I had the same problem with my '22 Star. I traced it to the vacuum tank, took it apart two or three times and found nothing wrong. Took to the restoration shop that I work with, after two or three days they found a hair line crack in the seam where the two halves join together. After they repaired it, put it on the car and it works fine. Just made sure that the float floats and doesn't sink. If the float sinks then it is in the float. Hope this helps. See you in Modesto in about three weeks.
Bert
I had a similar problem, though mine would not run at all. My issue was the seat for the valve in the top of the vacuum tank where the line from the manifold connects. The seat had become loose in the top housing, so even when the vacuum tank became full of fuel and the float rose and the valve closed against the seat, it could still draw vacuum round the loose seat in the housing. Thus it never sealed and just sucked fuel directly into the manifold, providing a way to rich mixture for it to run.
Took a while to find this. I pulled way to much other stuff apart looking for the problem.
I fixed mine by glueing the seat back into the housing with some medium strength threadlocker. It is fuel resistant.
Had no further problems since it was repaired this way.