i just started up my rebuilt motor for the first time.it misfires and flames shoot about 3 feet out of the headers.the guy thats helping me says the valves need to be adjusted they are way off.would that cause this or is this more of a timing problem?

 

It's one of those. Either valve timing (or adjustment) or ignition timing.

 

is it possible the carb is dumping way too much fuel causing the flames from header and misfire.pulled plug and it was pretty dark and still wet with gas 1 day after running

 

Double check the firing order is correct,set the timing, then adj valves.