So the cylinder getting flooded with gas - stuck float. Do you really adjust the float? Maybe I didn't get the rod seated correctly? I will flush the coolant tonight/tomorrow. Maybe there's a clog, because when turning over the engine after flooding, it pushes coolant out. Maybe not mutually inclusive.
Probably just the float sticking, from misalignment or debris. Adjustment can make the fuel level too high/low, but if it was ok then suddenly isn't, it's not adjustment.
I'm with ubertalldude, I'm confused. There's just no connection to fuel and coolant. Unless the cylinder is cracked or gasket blown, and fuel is getting pushed in the coolant jackets.
You say coolant comes from the chrome tube at the engine case? If it pushes out of there when cranking, it must have a blown cylinder some way. I'm thinking/hoping that's not the case.