318 swap gone wrong?!

A.) An HEI ignition doesn't use a ballast resistor.
B.) ANY fuel in your oil pan is too much.
Is your float level set correctly?
Do you have a fuel pressure regulator now that you have an electric fuel pump? Unregulated fuel pressure can easily be overcoming your float and loading up the engine with fuel... an Eddy carb only needs about 5 PSI or so.