I struggled with the carb on my 1928, but it works pretty well now. It has been 4 years since I have had to work on mine. I am working from memory, so forgive me if the following isn't completely correct. Remove the air cleaner connection - see if the gas is running out the intake. At least this will prevent the crankcase from filling. I am surprised that gas isn't dripping from some of the carb vents on the backside near the needle. How is the gasket/fit between the mixing float bowl and the stem/nut that holds the cover on. If this leaks, the bowl will never fill enough to float. Is there a pin hole in the bottom or the neck? Also try assembling the bowl and top (with stem nut), but not the mixing chamber. Apply fuel. See if / where it leaks. Are you assembling the bowl with carb upside down? This makes sure the float is positioned, and cannot be caught on the bowl. Is the float centered in the bowl? I bent arm on the float so it was a little less than level - i.e. float in full up position angles downward from the needle end. Try to starve it. But, it sounds like you have adjusted this though.
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