In a vacuum bagging situation: If you use too much resin, will the bagging procedure squeeze out any extra resin?
Yes, if you use perp (holes) peel ply and breather too.
No it will not your lay up will turn out to be resin rich.
No it will not your lay up will turn out to be resin rich.
Huh? 
While you might not be able to acheive a perfect fabric/resin ratio, breather material is certainly going to “sop up” some excess resin and get you a lot closer than if you just left it as a wet lay up.
You are 100% correct but keep in mind that this can also make your lay up resin leen if your "breader " is to thick it also can depend on the thicknes of your lay up. All I am saying is it would be best to try on a smaller piece before you start with your lay up.get your bagging procedure correct and you will be good. Bagging can make it or brake it.
Does anybody know the correct Resin/Fabric ratio?
I use perforated release film then tissue/toilet roll (this sticks to the shape easier) and then a thin plastic to stop all the resin bleeding through to the breather which goes on next. Then finally the vac bag. You will be surprised at how much difference a couple of layers of tissue make to the final resin content. People like to see nice shiny parts but these are not always the lightest/strongest.
is infusion out of the question?
50% to 50% ratio…by weight.