G'day to you and congrats on pickin up your new to you '49 Cub. In this instance I would tend to agree with Don that the excess fuel is from the no-start situation is the key to the dripping. I am curious as to what carb kit you used. If it is a Tisco kit or a Sparex kit then there will definitely be issues. If you used a genuine IH kit (not the off brand replacement) or the kits from Steiner then you should be ok.
One of the things I would check would be fire - are you getting spark from the mag coil to the cap and then to the spark plugs. If no spark or intermittent or weak spark, would suggest a complete tuneup - points, condensor and maybe plugs. The checkup itself would be a good idea in any case.
One of the very first things I recommend is that a new owner read the Owner's Manual - McCormick Farmall Cub Operator's Manual 5-1-49
and become somewhat familiar with your new tractor. Then after you have read the manual, print it off - go outside to the barn etc., and then become more familiar with your Cub with the manual guiding you through. You would be surprised the headstart this will give you. IH was very good in writing their Owner's Manuals and made sure pretty much everything a new owner needed was included. It may take a bit, so I usually recommend a nice comfy seat in front of the puter and a cup of fresh coffee.
Suggest that you also take some time and read the info at the links below: