Bomb !,
Your float level is 14.5mm ......pd41 b carbs.........cb750 '77.. float is 12.5mm...pd41a carbs. Don't get it about 'pile of rags' ?? Just lay the carb. on its side,i.e. float pivot pin vertical..swing the float towards the the carb. body ( would be float rising with carb. in stalled on bike ) look at the float valve moving up as to shut off fuel..keep going until pin on bottom is compressed..o.k. now valve is ' home ' in its seat...next, swing float down passed where the tab is not pressing on the float valve pin....then move float back up until the tab JUST touches the valve pin...measure gap at front top of float up to carb. body...front being tip of float furthest from float pivot pin...Got it ?!
Whoops, almost forgot...if not the correct measure ( bet it is as not something that can change by itself, unless a PO messed with it, I digress... ) its then time to very carefully bend the tab up or down very slightly to obtain correct measure. As TT says, cut a credit card to 12.5mm and you can slide it in to check, much easier than a ruler and trying to read it every time. Good luck. Shoot I meant to say 14.5mm !!!!!!