Yes, sounds way too wet.

What I did when I was in the same place as you was this:

On a large space, say a garbage bag cut open, I carefully dumped the contents, and one by one, placed the worms in a different container containing damp potting soil. Also a good opportunity to count them, if you have very few.

I had pre-made my bucket (see the images previously listed), and replaced the contents of the wet bin with some fresh bedding. I then placed about 1 or 2 inches of the previous stuff on top, carefully put the worms and small amount of potting soil back on top of it.

The remainder of the wet stuff, I placed in my composter to dry. Remember when you're feeding your worms, you are also giving them a drink. Balance it out as best as you can.

You want it very damp, not wet. If it's dripping, or muddy-gooshy-soggy it's too much. Then I learned to leave them alone, and just check without bothering them.

Also, you can do this: grab a representative handful of your media and use a plant moisture checker. It should be toward more or less the mid moist side and under the wet side.

See this link for images of my in-house worm-bin.

Thank you for the information and advice - it's much appreciated.
I think I'm bothering my worms far too often. They are seldom on the surface when I open the bin, so I can't seem to resist shifting their bedding around to check if they're still alive and active. I really need to stop doing that!
I was concerned about the drainage (or lack thereof) but I've noted by reading through the forums that some worm-owners use bins without any holes at all.
I've taken the lid off now and have pegged a piece of net curtaining over the top to prevent fruit flies from getting in. That should dry the bin out a bit.
Thank you to everyone who posts on this site - the info is very interesting and helpful.

The first thing I note is the concern for the well-being of your critters. That's good. I also relate to wanting to see them do their thing. Face it: worms are neat! It's kind of cool to just sit there and gap out while watching them be what they are.

I think the netting is a great idea, I wish I'd thoughts of doing that. I found that since a lady-bug introduced itself to the environment that the fruit-fly level has dropped. Can one single lady-bug make such a difference?

If you're really concerned about the water moisture level, really, just re-do the environment with fresh bedding, and make sure that you re-use some of their current stuff on top, I think it gives them a sense of familiarity. Changing their environment, if done carefully as to not harm their bodies doesn't seem to disturb them that much.

I also seem to notice that fresh bedding is usually followed soonafter by the appearance of baby worms. Perhaps I'm simply aware of it because I'm paying attention and it is their natural cycle, or perhaps there's something about fresh bedding that encourages them, I don't know.