Turn your petcock off when you park it and put a cover kit in the petcock soon. You probably have a carb float stuck too. I sounds like you may have just dodged a hydrolock.
Yup.
Betcha a nickel you have fuel in the oil too. Be real careful running it until you fix the fuel problems.
The 2 1/2 years sitting worries me. Nothing that can't be overcome but it will take some work. Tank rust is most likely the root of your problem.
Rust in tank... gets by bad petcock....gets into carb bowl{s}.....lodges under one or more needle/seat assemblies....fills one or more cylinders with fuel....either hydrolocks or runs out/spews out exhaust, undoubtably gets past rings into oil.
Pull the tank. Pull the petcock off the tank. Inspect rusty/nasty collapsed filter screen. Inspect inside of tank. Tank can be cleaned & coated by a good radiator shop, check around. Replace screen, rebuild or replace petcock. Inspect and/or replace fuel lines while you're there.
Pull carb bank, clean gunk from all 6 bowls, clean or replace offending needle/seats, clean jets, do a desmog while you're there too.

You most likely will not need new carb bowl gaskets. I haven't yet.
It aint easy but I've done 2 so far.
Carb bank off.

Nasty gunked up carb bowl, this is AFTER a quick wipe!

This is the '70s era Ford fuel filter I added. Has worked for me real well.

Pile of parts removed from a desmog!


Looks much cleaner now!

Nasty gunked up fuel screen.

Rusty tank after cleaning & coating. All purty inside!


Put it all back together with a new air filter too!
Oh yeah... change the oil.