Listen to Jmortensen. Your engine cannot be revving that high without a lot of manifold pressure. That has nothing to do with the ignition timing, fuel pressure, or your float chamber, except that when the timing is retarded far enough, the engine slows down in spite of the high manifold pressure. You could have a stuck throttle / something stuck open inside of your carbs, not restricting airflow at idle like it should be, as mentioned before. Track down this issue before worrying anymore about the timing.