This turned out to have nothing to do with the carb
Apparently the guy I'm borrowing the truck from "forgot" to mention that he knew it had a fuel leak that he couldn't find, turns out the jury-rigged last 14 inches of the fuel line between the in-line filter and the carby were completely rotten and had actually cracked open and started dripping gas right onto the top of the engine. $1.50 in rubber later and I'm getting 50% better gas mileage, no more horrible smell, and it starts correctly!
Thanks for all of the suggestions, I'm still going to call Edelbrock and get their advice on where the idle should be set!