Well I'm by no means an expert either, I've just dealt with a few of these issues before on my own car so hopefully some of this stuff will help you as well.
It sounds like you have way too much fuel pressure for an Edelbrock carburetor. It'll say right in the manual that you should not have anything over 6 psi, ideally around 5 to 5.5 psi. I'm running a mechanical Edelbrock fuel pump that puts out 5.5 psi so I never had to deal with a fuel pressure regulator. You should be able to buy a regulator and hook it up before your carb to dial your pressure down to 5.5 psi or so. I never had to do this before so I cant help you much there, but this should be a relatively common thing that people do, so you might be able to get some help from others on here for that or do some searches on here or on other websites as well. Bottom line, you need to get the correct fuel pressure for this carburetor or it will never act correctly.
I'm no carb expert, but my guess is that with 9-10 psi of pressure, when you go WOT the pump is flooding the carb, the float bowls are being overwhelmed along with the needle and seats and the carb can no longer meter the fuel correctly, causing the goofy stuff thats going on when you step on it.
So I'd say step 1, get fuel pressure under control, regulate it to 5.5 psi.
It sounds like you are not too familiar with distributors/timing so the first thing you'll need to do is get a timing light if you dont already have one. There are a couple types of lights you can get, either an inductive or a dialback. An inductive is probably the best bet, this will be cheaper too. You can also get a dialback which has some additional features. Either way, get a timing light for sure, or maybe try to borrow one from a buddy if you can if you cant get one on your own just yet for whatever reason.
There are three components to your timing.
1.) Initial (dependent upon where you physically lock down the distributor)
2.) Mechanical (functions by weights, center plate, and springs under rotor in the distributor)
3.) Vacuum advance (adds or subtracts degrees of timing at various rates/limits based on vacuum produced by motor at different times)
The first two added together are considered your total timing. When guys say my total timing is 34 degrees all in at 3000 RPM, they are saying their initial plus mechanical is 34 and it is all there at 3000 RPM and does not advance any further from that point.
Vacuum advance is used to aid part throttle response, in some cases aid in better idling, and to help the engine run cooler and get slightly better fuel economy. If you have a street car, you should try to run vacuum advance.
Now that you know a little about timing, you can now hook up your timing light and check to see where you're engine is currently set at. For example, you hook up your light and it says 6 BTDC when you point it at your damper while the car is running at idle. This means you have 6 degrees of initial timing.
Now, the next step is to determine what your total timing is. This is where having a degreed damper or dialback light is helpful. With a degreed damper, you can put a mark at say 32 or 36 and rev the motor up and check for this mark to line up with 0 on your timing tab when you point your timing light at it. If the 36 degree mark on your damper lines up with 0 when you rev it up and it does not go further than this with further increase in RPM, then you have verified your total timing.
Most GM HEI distributors put out around 22-24 degrees of mechanical advance. That is, the weights in the distributor spin out far enough to advance the timing another 22-24 degrees as RPMs increase.
So as an example, if you have 6 degrees initial, and you have 24 degrees mechanical, you have 30 degrees total timing. This is probably a little low, though every engine is different so you must experiment with this. Most sbc's like around 32-36 degrees of total timing, but this varies from engine to engine, so dont view this as set in stone for your car. Just an illustration for you.
The initial can be changed by physically turning your distributor clockwise or counter clockwise. If you want to advance your timing, you want to turn it counter clockwise. If you want to retard the timing, then turn it clockwise.
The mechanical advance is handled by the internals of the distributor and can be adjusted for both RATE and LIMIT. The springs on the weights control the RATE of advance. The center plate the weights butt up against control the LIMIT of advance. Generally, stock distributors have heavy springs which have a SLOW rate of advance. This sucks for performance. Changing the springs to lighter springs will bring the advance in sooner for better performance. However, too soon can be bad as well as this may cause detonation. If you start with all in at 3000 or 3500 RPM that should be a good starting point. Then you can experiment with sooner curves if you'd like.
Larger cams and high performance engines tend to like more initial timing than stock engines with smaller duration cams. For example, my car runs better with 16 initial and 16 mechanical for 32 total than it does with 9 initial and 23 mechanical and 32 total. Same total, different advance curve. You'll have to experiment with what your car likes best.
Now that you have a little background, you can go out and test what your timing settings are currently. Write this stuff down, and see where you're at. What is your initial? What is your total (i.e. when you rev it up, etc)? You want to make sure this is setup correctly FIRST before trying to tune your carb too much.
CARBURETOR: Your best bet with an Edelbrock carburetor that you want to tune is to by the calibration kit. You can find this at some parts stores or online. They run around $40-$50. They come with an assortment of jets, rods, springs, etc. Then you'll want to download the Edelbrock carburetor manual and print this off, towards the end is a tuning guide that provides guidelines for tuning leaner, richer, power or cruise modes, etc. Without the manual you're in the dark, and without the calibration kit, you're stuck with whatever parts are currently in your carb, which may not be optimal.
Every Eddy carb I've had has had too light of step up springs in them. These control when the metering rods move up out of the jet to allow more fuel in for power mode. Too light of spring, and the rod will not move quickly enough, causing a lean hesitation/bog at part throttle tip in. Too strong of a spring will not allow the rod to sit back down into the jet, causing too much fuel to pass through the jet at cruise mode or idle. You want to have the appropriate spring in there so the rods move up and down at the appropriate times when you step on the gas. I've found that the strongest spring (silver 8") or the second strongest spring (pink 7") work the best, at least on my engines. These various springs will be included in the calibration kit and you can easily change them with the carburetor mounted on the car.
The WOT tuning may be more of a hassle because the Performer Series carb you have used weights to control the opening of the secondaries. The newer AVS style carbs are roughly the same except that you can tune the WOT settings a little easier by turning a screw that adjusts the tension for how soon the airflap opens.
What you need to do first is get your fuel pressure down to 5.5 psi. Then you should take the carb off and check your float level and float drop and adjust them to proper spec.
Then make sure your timing is set correctly. For example, you could try using 12 initial which would probably give you around 32-36 total depending on what your distributor is putting out. I cant determine that here, so you'll have to figure that out on your own. Until you get everything sorted out I would err on the conservative side and try 32-34 total. You can try more advanced settings like 36-38 later once you have everything else running correctly. Better to be a little under than over and have detonation issues, at least until you get a chance to experiment more.
I realize this is probably information overload, but read through it and see if it helps you out at all. It should at least get you started.
Main thing is, regulate your fuel pressure to 5.5 psi from your current 9-10 psi and that should help out big time. Let us know how your car runs after you do this and then you can go from there.
Hope that helps, sorry for the novel! Haha!