Is the Cold Idle Advance solenoid WAY out of adjustment? This is the electrical "plunger" on the passenger side of the pump below the throttle return springs, and push on the same lever the throttle cable pulls on. Are the throttle return springs actually there and connected?
If that plunger is way out of adjustment, it would make since, when power is removed from the solenoid it would idle down.
But, here is another question, when you turn the key off, or pull the wire off the Fuel Shutoff Solenoid, does the engine actually stop running? If removing power from the FSS does NOT cause the engine to stop, how are you getting the engine to stop running?
Can you actually get the engine to idle? Like in the 600-800 RPM range? Can you post any pictures of how the pump is currently set up? Maybe some of the brackets or linkages are bent / out of adjustment / missing.
I was always under the impression if the pump cover was installed incorrectly, the only way to get the engine to stop running is to stop the air or fuel supply or, if you are lucky, dump the clutch on a manual. I think it either works correctly, or not at all. Not just sorta works, and limit the maximum RPM. It should idle, or go beyond max governed RPM (3800+). Think a Screaming Jimmy runaway........