Sorry to bring this thread back from the dead, but I wanted to add my final settings to the list:
'76 CB550K
Un-oiled UNI foam replacement filter in stock airbox (unmodified, with all tubes connected as they should be)
MotoGP Werks 4-1
900 ft elevation
No known engine mods. I say "no known" because I've never cracked the motor open to verify.
087a carbs
110 mains (100 is stock)
38 pilots (38 is stock)
Needle clip in 3rd position (middle) - (4th down is stock)
Air screws 1.33 turns out
With a stock airbox, it seems that most people end up at 105 mains and needle clip in the middle or stock position. This did not work for me. There was fairly considerable off-idle hesitation with the 105's and needle in middle or 4th positions. Tried the 110's and got good deposits on the WOT chop... but still hesitation off idle with needle in 4th position. Moved clip to 3rd position with the 110's and got nice 2/3 throttle plug deposits. At this point, hesitation off idle was almost completely eliminated. Some minor adjustments on the air screws has eliminated off-idle hesitation. Smooth and solid acceleration all the way up through the throttle ranges now.
Went for an 85 mile ride (half of that on a windy interstate between 75 & 80 mph) and got 35 mpg. I am completely happy with that MPG..... considering I never short shift.
Time to finally enjoy the ride!
Thank you to all previous posters for the information! This thread gave me a decent starting point, but in the end.... EVERYTHING must be verified on your own bike.