[ossiblue]

I think you've found your problem. Yes, there should be resistance when you push up on the plunger. In addition, no fuel should spray from the injectors until that plunger is moved up. Since your plunger moves freely and the injectors are flooding the cylinders, it sounds like the lever/pin in the fuel distributor is stuck in the open position (wish I had a diagram to post, but someone will post how to access and clean/free the mechanism, shortly, I'm sure.)

Meanwhile, don't try to start your car! Free flowing fuel will cause hydro-lock in the cylinders and you will have more serious problems to deal with. Even if the problem is not the plunger/lever/pin, the issue of importance is flowing injectors with the turning on of the ignition--you have a 74 and the pump comes on immediately.