I helped by brother change heads on his GTO and we ran into a similar problem. When we did a compression test, all cylinders except 1 and 7 were at 120 psi, one and seven were at 160. What we found was the head gaskets were leaking. Your problem is very different because if it were a head gasket leaking the lack of compression on the #1 shouldn't cause it not to run. With the gas spitting out of the carb it sounds like the timing is off, would it be possible for the timing chain to have jumped? I hope that this may have helped. Good luck
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