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 - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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