Compression, check. Spark, check. Fuel, check. Air, check
Oops. Not be over argumentative, but if you have all four, then the bike MUST run!
I'll be in the garage tomorrow, might adjust floats back to 12.5mm (stock for the '78 PD46C as far as I can tell), then I'll recheck all passages/jets since the carbs will be off the bike. I'll turn the IMS out a turn at a time and see if I can't get this bike running.
A higher float height will help richen the mixture over all throttle positions.
...But, it shouldn't be preventing the engine from running. My 78 Cb550K had the floats set to 14.5mm from the factory. Of course, it is all stock, FWIW.
It dies after it warms up? Did you check for internal modifications like drilled jets or other enlarged metering orifices. Such mods would show soot deposits on the plugs. Which, in turn would make spark issues on top of carburetion issues. Even new plugs can get sooty in short order with enough mods and that will foul spark reliability.
On the thought track regarding the pilot circuit. Did you "prove" liquid flow between all 4 openings in the pilot circuit? In the bare casting, there is ; the air jet, the pilot jet, the ims, and the carb throat exit port.
One way to look at it, is the pilot circuit provides the engine's minimal needs. The slide needle and main just augment the needs when the engine is asked to do more than just tick over.
BTW, the petcock CAN be overhauled if needed. I posted regarding this some time back. Drill the "rivet", drill a hole, tap, replace the internal rubber bits, and reassemble with screws. News at 11. Bwahahahah