I do not understand where the gas was pouring from based on your description, but it sure sounds like nothing more than a sticking float in the carburetor that was dumping fuel. If I am right, the bowl probably has some ethanol-caused crud in it. I would clean all the carbs if it were my engine. I don;t know of any additives that will dissolve the crud, sad to say. I imagine youtube would be a great resource for instructions about carb cleaning.
Fix the fuel leak and test run it. If it makes adequate power, use it and don't worry about the compression. You are smart to not trust the HF tester. They make some great bargain tools (and their best tool boxes are fantastic), but anything from them that has to measure absolute values is suspect. I doubt there's any way to trace the calibration of that compression gauge back to a standard. It's a good tool for checking for differences in compression between cylinders though and the fact that you saw none is an excellent sign.
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