If there is a secondary tab on the back side of the float that limits the float drop, that is where it is adjusted.
It is not a critical adjustment.
Two things to look for, if there is a bail across the needle that pulls the needle off the seat, the drop needs to be sufficient for that to happen, The purpose of the bail is to pull the needle off the seat in case it gets stuck when it's been stored.
The other purpose for limiting the drop is so the needle can't fall out or drop so far that it gets cocked sideways in the seat pilot hole. If the float were dropping far enough to jamb the needle or float, it would be severely flooding, dumping a large quantity of fuel, not a slight drip.
Setting the drop too high could result in reduced flow, resulting in a lean condition under high power demand if the fuel could not refill the bowl quickly enough.
Some things to consider:
The carb may not actually be flooding. A few drops of fuel following a failed start is normal. It may even drip after a shut down as the unburned fuel drains back down out of the intake.
You can check the actual working float level with a short piece of clear vinyl hose. Replace the carb drain plug with a barb fitting, slip the hose on the fitting, raise the open end above the carb, open the fuel valve. The level inside the hose will be the same as what's in the bowl.
Minor flooding, a slight drip when parked with the fuel valve open, is most commonly caused by trash under the needle valve. It only takes a tiny speck to hold the needle off the seat. Be sure the fuel supply is clean, the sediment bowl is clean, and the screen is in place. I don't like inline filters on a gravity flow system, too restrictive.
If the tank is contaminated or shedding rust flakes, you will continue to have fuel issues.
Once the fuel supply is clean, sometimes the needle valve can be flushed by turning the fuel off, removing the bowl drain plug, or running the engine until the bowl is empty, then open the fuel valve to see if the inrushing fuel will flush out any trash.
Another source of contamination is from getting dirt or grease in the end of the fuel line while making the final connection. I like to open the fuel valve, let the line flush, then let it flow while starting the connection. Remember, it only takes a tiny amount to fowl the needle/seat seal.
Other causes are, a loose seat or missing gasket, a damaged needle or seat sealing surface, the wrong needle, (too short to seat before the float tab hits the seat housing), the float level set too high, a partially sunk float, one pontoon leaking and partially filled with gas (give it the shake test), a bent float hitting the side of the bowl.
A good farmer fix way to test the sealing ability of the needle valve, before assembling the bowl to the top, turn the top upside down, letting the float rest on the needle valve. Suck on the fuel inlet fitting, put your tongue over the hole. It should hold vacuum. If it won't hold vacuum, it won't seal gas, something is leaking somewhere.
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