34-40 has summed it up.
One caveat though, if you eliminate the power valve (which I don't recommend for the street), you will need to drastically richen WOT (wide open throttle) as the power valve adds fuel for that circuit.

And, continuing to run the motor rich can (will) do harm to the motor. May I suggest you find a local tuner familiar with carburetors (check with your local car clubs for a recommendation) and get some hands on help before it costs you dearly.