Well lets see if I can prove Andy wrong here.

You have to understand the reason for an emulsion system. Take your C&S Aerosol billet carbs, they do not us a booster, they use a discharge tube. There is no emulsion used, save for a very small main air bleed and one bleed above float level to act as a kill bleed. A tube senses airflow at a one to one ratio as the pressure difference or vacuum increases, so fuel flows in a direct proportion to the airflow thru the carb, so only a main jet is needed to set the correct amount of fuel. A booster however does not flow one to one, it flows in a straight line as pressure difference or vacuum increases, however the airflow curves towards a horizontal flatline.
As a result an air correction system, emulsion, is needed to allow the booster signal to follow airflow. And it is there mostly for air correction, emulsion or emulsified fuel is a result of the air correction, and should not be relied on to emulsify the fuel. This is where some carbs go off the deep end.

The second part of the air correction/emulsion passage on a standard Holley 4 barrel is that it holds fuel, so as air is pushed from the main air bleed down the well the fuel is pushed out of the emulsion bleeds, making it an added acceleration circuit. Remember this.

So what happens is as the signal becomes strong enough to start fuel flow it also tugs on the emulsion passage. Any bleed above fuel level will delay the start, and will depend on the total area of the bleed or bleeds and the size of the main air bleed. This is where bigger and smaller main air bleeds can delay or speed up a little the start. However once the fuel flow starts the large bleed can actually fatten it quicker, allowing the fuel in the emulsion well to be pulled faster into the mainwell. This can make it excessively rich early with a larger bleed, and combined with a lot of emulsion goes off the deep end. Then as RPM's and demand climbed it shoots the other way, goes lean. I see this when more than 3 bleeds and over .028" emulsions, and over .030 main air bleeds. What also happens is the air goes thru in big slugs making the fuel curve choppy, fuel is not mixed well with the air coming into the mainwell. It leaves the booster in spurts rather than an even mix. Once the fuel is depleted to the bottom open emulsion hole then it just feeds air, until the throttle is closed and the mains stop, and the emulsion well is allowed to fill again.

So what do you want to accomplish? It depends on the application, fuel type, engine demands... What I find is when you use a booster that atomizes fuel well to distribute fuel evenly you don't need any more air than what is needed for correction. For most gas carbs on the street a kill bleed and two .026-.028 holes spaced to go about half way down the well is plenty. I like smaller bleed for racing, and usually space three smaller bleeds. And if I can control the kill bleed size even better. With alcohols and oxygenated fuels, or big engines with two carbs you can place the bottom bleed all the way down, use all the fuel emulsion well. I set most race carbs up this way, but with a small bleed usually at .021 or smaller. I have a blow thru I reworking that will likely get a .021 at the top for a kill, .024 all the way at the bottom. And a last piece of this puzzle to remember is that at WOT the idle circuit that usually pulls from the bottom of the mainwell can now become a bleed into the main circuit, adding more air in....

Now with E85 you have a significantly different fuel in the mix. Too much air makes it stupid rich early, lean at the top. I've seen it chased on a dyno... once emulsion was set small it cleared things up. For E85 go real small, I've got an RS Demon that has .014 in the top, .016 third and .018 forth with the second and fifth plugged. For the Dominator get the top small, .014-.016, and .020-.021's in the third and fourth or third and fifth on 5 hole blocks.