Lots of possibilities here but my first guess is either bad fuel float needles or warped carb bowls. A quick test is remove the silencer then pump the primer bulb and listen for hissing/gurgling sounds. If you hear noises it means the float needles are not seating and closing off fuel flow. You might try this both tilted up and down to see if it makes a difference. Also, when pumping the bulb look all around the carb bowls for seepage.
I know because I had both issues going on last year on my '96 E150 and I was also having an issue with bogging above 4200 RPM and excessive smoke which I suspected was due to a bad fuel side on the pump. This spring I did a complete fuel system refresh with new fuel VRO fuel pump, complete carb rebuilds with OEM kits, and new carb float bowls. The old beast runs like a top now, leaks are gone, and I have full WOT RPM.