So just to be clear here, you are saying you have fuel dripping out from the main/primary venturi boosters? As in, it's trickling out regardless of how much the throttle is open?
If YES, then yeah, floats being set too low may be the cause. Here is what you do:
1) take carb apart
2) flip the top part upside down, leave gasket in place
3) measure the distance between the gasket and the top of the float, that is usually 29/32 or 1"
4) adjust the float arm as needed, do NOT force against the inlet needle while adjusting
5) re-assemble, pay attention to the main well seals (see below)
When you re-assemble the darn thing make sure you have the round or square (cross section) seals in the main booster well, so that the spot in the phenolic body where the main primary jets go into at the bottom you should place these 2 seals (1 on each side). These seals make sure the primary circuit is only getting fuel metered by the metering rods/main jet, as opposed to any fuel being present in the phenolic body.
Take a peek at this diagram, hopefully it helps a bit to put things into perspective.
