Is the gas coming out of the float bowl drain tube, or out of the airbox drain tube? You said airbox above, but I just wanted you to restate it because everyone is talking about gas leaking due to a stuck needle.
If it is truly leaking from the airbox drain hose, then gas is getting blown back through the carb throat and into the airbox, which to me says you messed up your valve adjustment. If the intake is hanging open a bit, it is going to shoot back some air/fuel on the compression stroke back into the airbox.
Take another look at your valve adjustment and make sure you had the piston on the compression stroke when you adjsted the valves.
Remember, your flywheel will go around past the timing mark twice: once on the compression stroke and once on the exhuast stroke. You need to make sure you are on the compression stroke when you adjust the valves since this is when they are closed. On the exhaust stroke (depending on where you are) you will have both valves open at some point.
So, just watch the action of the lifters/valves as you slowly rotate the crankshaft and keep an eye out for the timing mark. Once you see the exhaust valve open then close, followed by the intake opening and closing (intake and exhaust will overlap a bit), keep rotating slowly until the timing mark lines up for TDC.
Then adjust your valves.
- Frank
1984 200ES Big Red
1985 350X (x2)
1986 350X
1986 250SX
1984 Auto-X
1984 ATC70
1985 ATC70