This is probably totally obvious to the very experienced among us, but for those of us newer to 70s-era SOHCs, perhaps my experiences (and conclusions) will be helpful. I've gotten so much useful info from this community I feel compelled to give a little back, however modest. So here goes:
I have a bone-stock 78 CB550K, with PD46C carbs. I thoroughly cleaned and reconditioned the carbs, including rebuilding the choke mechanism (which is a whole potential thread in and of itself). All went brilliantly, aside from my experience with the floats.
My advice: Ignore the specs on "float height," unless you're using absolutely new-condition, OEM floats!!! And maybe even then, too. I very diligently set mine to 12.5mm, using an accurate digital caliper. Clearly too rich. Pulled the carbs, and then tried 14.5mm, which is the spec for the '77 model with the PD46A carbs. Also no good. In the end I finally figured out (due to bike symptoms and -- ultimately -- the clear-tube test) that these specs, with my aftermarket floats, just allowed WAY too much fuel into the float bowls. With the aftermarket floats I bought, after multiple attempts and bench-checks using the clear tubes, I determined that the correct measurement in order to get the desired fuel level (3-4mm below the gasket seam) was about 17.5mm. In my case this is measured at the approximate center point of the float, because at this setting the surface of the float is actually on an upward angle from the pivot.
I'm actually quite annoyed with myself that I didn't go to the clear-tube test sooner. Should have reasoned that it was unlikely that the aftermarket floats I got would be exact replicas of the Honda OEMs, both in terms of size, and -- probably as importantly -- buoyancy. Anyway a smart man learns from his own mistakes, but a wise man learns from others'. Be wise!