Sounds like a classic too-much-air/not-enough-gas situation. If you're confident of the manifold and its connections that leaves fuel.
As far as adjustments, about 1-1/2 turns out from bottom is usually a good setting for getting it started and then tweaking from there.
If the carb was good and clean when reassembled and float set as it should be, I'd check for flow. Start t the elbow into the carb (including the screen) and work your way up until you get a good steady stream (not strong but not a dribble). There isn't anything like an inline filter, is there? Some of those are not suited for gravity flow systems.
And as a long but not too-long shot, how's the gas in it? I worked on a JD 420 for an old guy to get it running for him. Went over his ignition which was plain to see a big part of the problem and gave it a try to see what I had. It behaved much like yours. I tried timing it up and the mark fluttered all over the place. That's when I noticed the mothball smell. Drained the tank and put in some fresh and she ran right as rain.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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