Does the 2nd to last intake bolt by the number 4 cylinder go through a water jacket and that is why it is spewing water? Is my intake gasket leaking? If it is just through a water jacket should I just put some silicon on the threads?
Most likely the intake gasket is torn and leaking. That bolt hole is very close to the water passage on the end of the head. Pic below is a previous engine of mine. The heads are Blue Thunder, but they have the same port layout as your heads. You can see how close the bolt hole is to the water passage.
I have P-51's and a Victor intake. No such problem. I use a different intake gasket, Lem supplied them, and as Charlie said " put RTV sealer everywhere on both sides of the gasket and completely around the water port openings."
Putting RTV on both sides of the gasket is just asking for a problem and is NOT the way to do it right. Best bet is to glue the gasket to the head using yellow glue and then put silicone only around the water passages and nowhere else. Otherwise the gasket will squish out especially if you leave the engine together for a long time.