i have used varying float levels to fine tune thermoquads with excellent results. it all depends on your combination. don't be afraid to experiment. 1/32" can make a big difference...
You know, I have been working with TQs for years as well, and maybe it's a bit embarrassing to admit, but having played with some different settings I never quite figured out how the float level (besides the obvious "too-low" - numeric setting) impacts the other circuits in the carburetor.
Case in point: if set too low, so the float is effectively sitting higher up in the body of the carb when fully assembled, the fuel level gets higher as well before the fuel flow into the bowls is stopped. This can translate to fuel dribbling out of the booster(s). But this has literally been the only thing I've noticed...so what else am I missing?
I do genuinely want to know because I love these carbs, the tech is awesome and I continue to play & learn on my 98xx series carbs here.