I have 2 of the GS40`s on trainers . Both had to to have the carbs rebuilt and reset. But once repaired , they have run great. Both are on Lady student planes and they are able to fly with them well.
As CGR suggested , you may have your engine flooded and is why you have noticed fuel coming out the front bearing. First check your glow plug. It may lite up ,but not the last coil or 2, which means it`s bad. While you have the glow plug out . spin the engine over and get rid of any excess fuel. Did you mess with the LS needle ? Lightly turn the LS all the way in , place a piece of fuel tube on the fuel inlet nipple and blow air into tube. Slowly back out the LS needle till you can hear air entering the carb. This will give you a close starting setting.
Screw the HS all the way in , back out 3 1\2 turns. Do NOT attach glow driver . Open throttle to wide open , place finger over carb and rotate prop clockwise till you can see the fuel pulled into the carb. Place throttle in the idle position and attach glow driver and try to start .
Good luck , hope this helps.