Yes, it requires a lot of things to line up properly so the fuel keeps rising and it not being the needle valve. Seems unlikely and it's more likely that the needles aren't shutting off the fuel, but I'm still convinced that if the air can't escape then it'll cause this scenario even when the needles work as they're supposed to.
Are these PD46A carbs? It'll say on the #4 carb above the bowl. On PD46C carbs that "pin hole vent" you're talking about is a little nipple.
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Since it's the outside carb, they aren't drilled out from the factory, only the other carbs are (they use the same body for multiple carbs and only finish machining if required). The other carbs have this nipple too and it's drilled out all the way for venting. There's a rubber hose connected to it linking it to the neighbor carb as I explained in my earlier post. Where the fuel hose from the petcock connects there is another nipple that vents all carbs to the outside air. Usually has a hose on it. It must be unobstructed because this along with the overflow tubes are the only way air escapes.
The hose can be seen in this picture. It's the one that wraps around to the left.
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