OK thanks for the advice everyone. We have them running on the road now, no fuel spurting out anymore! We swapped the valves over for some better ones from a mate's set of old carbs, bent the springs a little bit to change the float angle, re-drilled the jets, bunged up what we thought were fuel return lines but are in fact vacuums, and left the top holes open (the ones that normally have t-pieces on em), and deleted the pressure regulator.
Runs well until about 4000rpm, but I guess this is because we don't have a very good seal on the vacuum for the dizzy advance (or the brakes!). Will sort this out in time to come, and probably buy an electric pump too.