Sounds like one of two things, either you got a defective pump that puts out way too much pressure (not too likely) or your carb float valves are stuck open. You may be able to unstick the valve or valves by tapping on the side of the carb, or else it is time to pull the carbs. A carb repair kit will include the valve plungers that have a rubber tip. this part may be shot after all these years. Good idea to check your oil to see if it is gas contaminated. Drain it if it appears too full.
01 Sabre Dave
08 V-Star 1300T Sarah