So, I understand the "power valve" is used to enrich mixture at full throttle. I would think this is unlikely to be your problem because it looks to me like the spring would act to keep the valve closed most of the time. Are you finding information on the net that indicates that they might leak?
Otherwise, I would think you should initially concentrate elsewhere. I like Shanon's suggestion to check your float levels, and while you are at it make sure the floats are empty. Sometimes they develop pinholes and fill up with fuel (this is more likely with brass floats). If they don't float they won't stop the flow of fuel into the bowls, and having too much fuel in the bowls messes up everything.