I have seen powder that is more white than grey from gas that contains ethanol. Collects in bottom corners of float bowls. Took apart my buddies Holley for him and there was so much in bowls I asked him if he had been hanging at beach with his car.
This is certainly not the ethanol grey powder I have also seen.
This stuff is the consistency of talcum powder and the color of JB weld grey (it does not get "wet" in the fuel either and turn into a paste. It stays dry even in fuel)
After testing a few things (I'm not done yet) it is looking more and more like the Holley metering block is disintegrating.
I don't know why, but that seems like the most reasonable answer at this time.
I have checked the filters carefully and there is no grey residue of any type, let alone the large amount I have found in the carb fuel areas.
The secondary float bowl does not have this grey residue.
I have pumped some fuel through the trucks system and into a clear container and there is no visible particulate, and there is no settling particulate.
I ran an Autolite 4100 on this engine for a little while (until I found it leaking at all welch plugs, which are being repaired) and that carb did not have any grey dusty residue in the bowls.
I am currently running an Edelbrock carb and that too has no grey residue.
I don't know what else to test within this system to help me figure out what is happening.
I'm going to remove the primary metering block and drop it into a container of gas and see what happens.
If grey dusty residue precipitates, I think that is pretty definitive concerning the metering block dissolving.
What do you think?