I've got an update on my hot start/flooding problem.
I made up a bypass fuel line to bleed off fuel pressure. I believe technically I've converted the "deadhead" fuel supply to a bypass supply. My Holley regulator has two outputs, so I used one output and screwed in a modified hose barb; I plugged the output and drilled in an 0.032" hole. From that, I ran a 1/4 rubber line down to a "T" I installed onto the input side of the fuel pump. This allows excess pressure to bleed off through this orifice back into the fuel inlet (which is essentially the fuel tank).
So, when running, the orifice is small enough so that I don't bleed off too much of the pressure required to keep the carburetor filled, but bleeds off pressure when the engine is shut off.
I plumbed it all up and fired up the engine. I did have to very slightly adjust my regulator to get back to 1.5 psi. RESULTS: The fuel pressure gauge now goes right to zero psi when I shut the engine off. I can confirm now too after a couple weeks of hot shutdowns that I have had no problems at all with flooding.
I've attached a picture of my set up:
Note the new hard line from the pump to a new glass fuel filter....which is installed into the input side of the regulator. The back side output of the regulator goes to a brass block which the carburetor "banjo bolt" (whatever it's called) goes through. The far side of the block has a fuel pressure gauge. Finally, the front side of the regulator is the second output where I screwed in the hose barb with orifice that is plumbed to the "T" by the fuel pump inlet. Whew. It works great.
The other lines are the vacuum lines for the wiper motor. I couldn't find old style brake/fuel line organizers, so I made up "zip tie" organizers.
So I think my original question about the exhaust flap was a red herring, but even so I hope to fix that up with a new bimetal spring and get it working.