The fuel pressure on a Honda GX series is 1.5 PSI. I would see what fuel pressure your getting, as any variance will disrupt your fuel to air ratio. Yes the pulse pump does wear its also good for about 2 feet of lift. Ive seen a set-up use a 12 volt pump with a regulator before.
What SHWSLLC and MrFixit said are great place to look first too,
Are you sure its being flooded with fuel? or is it running very lean? They sound pretty similar. What do your spark plugs look like?