New Info!! *leaking gas from exhaust pipe....

[no$4bike]

So if you read my last post, you will be able to follow this one. I was able to get some info from the PO ( who is my brothers neighbor) regarding the carb/gas leak. Here is what he told me. A couple of weeks before i bought the bike, he forgot to shut off the petcock, so all the gas went down into the crank and on his garage floor. He then drained the crank ( which was totally full of gas and oil) and replaced the oil and filter and then just left it.  He told my brother he was going to sell it, my brother tells me, i check it out and the next thing you know it is in my garage. Now....here is what i did.  When i brought it home ( by trailer, i did not ride it) , i took off the carbs and brought them to my dad and he took them apart and cleaned them ( he said they looked great and were really clean before he cleaned them). I then reinstalled them, put some fuel in the tank, started it and it fired right up. It was running great until i looked down and saw gas blowing out of the bottom of the left pipe. I shut the bike off, shut the fuel off and then proceeded to remove the carbs again. I noticed that the needle in carb #1 wasnt functioning correctly. I replaced the needle today and also bought a petcock rebuild kit. I have not reinstalled the carbs yet nor have i rebuilt the petcock yet. What i did do was pull the cap off of the drain tube under the bike and a whole lot of oil/gas mixtures came out, that tube was totally full and then some. So my question is....with that little tube being full of oil/gas, would that contribute to the oil/gas blowing out the exhaust tube? Is there anything else i am missing here to check? I am going to rebuild the petcock this weekend and reinstall the carbs when my manual arrives.
Thanks to everyone who replied to my last post!!

[coffee_brake]

Well you certainly seem to be on top of this project!

The drain tube...it shouldn't cause the gas leaking.
I think you have a float issue.

[no$4bike]

also with the motor only running for only a minute or two, and if it was a float issue, would it blow a lot of fuel out of the pipe? Or could that gas be left over from PO's issue? because it was BLOWING out, not just a little drip, but blowing out like a pressure washer would. And also with shutting the bike down, i would assume there is fuel now sitting in the bottom of the pipe so when i start it again, it will blow out some more until its gone? sorry...im just talking( writing) out loud.

[coffee_brake]

I can't say. It depends.
My closest experience to yours was (attempting) to dial in the stock carbs on my project, an abused '81 KZ440. Fuel was shooting out the tail pipes several times, maybe a tablespoonful per second, as I made mistakes and learned a whole lot about what NOT to do. 

Get the floats tested first. You may have to wait on the manual for that. If you simply must work on your bike in the meantime (we know the feeling!), it would be a very good idea to, one by one, go through the grounds and connectors and fuses all over the bike, carefully checking them for corrosion and cleaning when necessary. Lube the throttle cables. Learn how to bleed the brakes. Change the final drive fluid. (shaft drive and 6 speeds, why do I not have one of these bikes already?!) Lube the speedo cable.
There's plenty to do, just don't mess with those floats till you have the manual and the right equipment in hand.

[BManz]

The tube you drained is the crankcase breather.  If you did have gas in the crankcase most likely it went up into the breather so that would explain the need to drain it.  The PO changed the oil but I would guess never drained that tube.  Once you get your carbs and petcock issues resolved and the bike running good, do another oil change and drain the breather tube again.  You should be good at that point.