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Dont put iridium plugs, they cost an arm and a leg and are known to fail earlier than coppers when used with rich mixtures. I cant see why people want to run 60$ plugs when a 10$ one does the job ...
From what you said, i'd say you bought a riced out S14 that needs to be fully rebuilt, which is going to cost money.
I have also read on this forum that removing the EGR valve or using the wrong O2 sensor usually results in running very rich, so that may help you.
But seriously, if you can smell fuel from the catch can, it does not look well ... do a compression check before throwing money at it. Dry, then wet.
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