In simple terms, the tractor should run well with the float adjusted so it's parallel to the carb top with the carb top inverted.
As to the float drop/stop adjustment (can't remember if it has one), the stop prevents the float from dropping low enough to contact the bowl and potentially stick, yet drop enough to allow an adequate flow of gas through the needle and seat.
Try this (be safe, out in open air, fire extinguisher at hand, use catch pan and have engine cold) remove the bowl drain plug (or open the petcock,if it has one) and there should be a big flow of gas as the bowl drains, then tapering off to a flow that would be large enough to keep up with engine demand. I suppose, unless the tank is real full it might be best to have a helper on the other side, operating the priming lever on the fuel pump.
If a decent, steady flow continues after the initial bowl-draining flow, you know there's no restriction between the carb and the tank, that the fuel pump is working and that float drop is adequate.
If there's a meager flow, those would be the areas to investigate.
IF OK there, it wouldn't be the first time an ignition problem has tricked someone into thinking they have a crab problem!
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