Because of the design of a OEM-type mechanical pump, it will have a fluctuation on the gauge- this is considered normal. The psi you are seeing- while borderline high- is still within specs.
You said there was dripping fuel entering the engine. What you need to be aware of, is the Q-jet will exhibit "nozzle drip" if the idle isn't right. And the idle is tied to the timing. Also check to see if there's any dripping happening right after you shut the engine off.
So, to start with:
• What is the initial timing?
• What is the vacuum is at idle?
• Have you checked for vacuum leaks?
• Is the vacuum advance working and if so, is it connected to ported or manifold vacuum?
If the float level is off either because the adjustment is wrong or the float has soaked up fuel and has become heavy, this will cause a too-rich condition. If the idle vacuum is insufficient to fully seat the power piston, this can cause a too-rich condition.