Yeah, test and tune is the way to go. The Carb FAQ board has a lot of useful info on jetting.
Everything matters on a carb tune:
Air filter: Stock, K&N, or pod filter
Exhaust: Stock, 4-2, 4-1, which baffle you have in your Kerker
Timing, Valve setting, Cam chain tension, float height, make sure idle jet is clean, and carb sync are also very important.
Get all of that tuned in and then go for broke.
Just for reference, I have a 77 750 K, stock motor, 4-1 with supertrapp, no defusers in the muffler, K&N filter in a stock box, box has (4) 2" holes drilled in the back of it, Dyna S ignition, stock coils, stock valve setting and timing. I have 135 main jets and Im at the second to bottom clip on the needles. Im also a @900ft elevation.
Carbs are fun, but can also be a headache. Good luck and have fun.