The runaway engine is caused from improper throttle linkage adjustment/installation,or a failed governor. This has nothing to do with the mixture adjustments.
With the engine off, have an assistant move the throttle lever through the motions while you watch the throttle shaft of the carb move. You should see the carb shaft move against the idle stop when the lever is set to idle, then see the carb shaft move to the wide open position when moved to the fast position.
The governor works by pushing the throttle shut as the RPM come up. The governor spring opens the throttle, the spinning governor weights overcome the spring and push it closed.
Once you get it going through the motions, you should be able to see it work as the throttle speed lever is moved from slow to fast. If it still won't work, I can give more detailed adjustment procedures but it gets lengthy.
Now, for the collapsed float, I have never seen that happen, but as others have said, it takes external pressure to collapse it.
That can be caused from applying air pressure to the carb bowl through the vent tube (most likely cause), or possibly a very powerful backfire with the choke closed, (plausible) or maybe the engine kicking back and running backward with the choke closed, (plausible but not likely).
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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