The gas dripping from the vent indicates the problem is ignition, not lack of fuel.
The gas dripping is the fuel that was on it's way up inside the intake when the engine stopped. When the engine stopped, the air flow stopped, so gravity brought the unburned fuel back down, pooling in the bottom of the air horn, and dripping out the vent.
Do you have a test light? That is the easiest to monitor. They are cheap.
Connect the test light to the + terminal of the coil and ground the other end to a clean metal surface of the engine.
Start the engine, bring the RPM up, watch the light closely. When the engine quits, and is coasting down, is the light off?
If so, the coil has lost power from the ignition switch.
If the light is still on, move it to the - terminal. Start the engine, the light will blink rapidly, on each time the points open, off when closed.
When it quits, and is coasting down, if the light is steady on, the points have failed to make contact, there is a break in the wire from the coil to the points, or the points base has lost it's ground.
If the light is off, the points are closed up, the condenser is shorted to ground, the wire from the points to the coil is shorted to ground, or the coil is failing.
Something else to check, feel the temperature of the coil can. It should be approximately the same temperature as the surrounding engine components. If it is exceptionally hotter, uncomfortable to hold, the coil is failing or it has the wrong coil.
The final test though, is determining if the spark is actually making it to the plugs. You can use a neon spark tester, or pull one of the wires back so you can see the spark. Test it the same way, observe if there is, or is not spark when it fails.
If the ignition tests good, then go back to the carb and fuel supply.
The intermittent fuel flow is concerning.
Is there an inline filter? If so, remove it. Gravity systems don't like inline filters. Is the fuel line routed properly, no kinks, away from the exhaust manifold heat, down hill all the way?
Do you get a continuous flow from the line if you remove it from the carb? There is sometimes a small screen in the inlet fitting of the carb, it may be clogged. A final test, remove the drain plug from the carb. Temporarily replace it with a barb fitting and a length of clear vinyl tubing. Loop the open end of the tubing up to a point above the carb. Watch the fuel level in the tube. If it stays in a normal range, about 1/2-3/4" below the top of the bowl, then you know the level is staying where it should.
Hope this helps, all I can think of at the moment. Let us know...
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