Something is rotten in the State of Denmark.
Someone jump in here if I'm wrong but on this year 750, fuel comes into the carbs via a single hose from the petcock, to a T fitting, and then down between carbs #1 and #2, and down between #3 and #4. In order to enter the carbs the fuel must pass through the float valve.
Flooding on any pair of carbs (1+2, 3+4) should not directly affect the other pair as they do not share fuel rails or vent lines.
Since you were holding the float closed on #1 and fuel came out of #2 I'd say that #2's float deserves some scrutiny. Ignore 3 and 4 for the moment.
Proceed as follows: Remove fuel line from #3/#4 carbs and plug it. Remove #1 bowl and #2 bowl. Hold both floats closed. Turn fuel on. No fuel should flow from anywhere. If it does, find out where it's coming from and you'll have found your problem.
Repeat on other side.
mystic_1