Hmm.
Well, lets postulate that the Float is floating.
THEN, the only thing that can possibly be preventing gas shut-off is the valve, right?
If the float is good, the valve must be either bad or sitting wrong.
Have you tried switching that valve to a different carb? (maybe the float, too, just in case?) That seems like a good idea.
Luckily, I heard that if your carb leaks enough gas into your engine, the whole thing can actually explode while you are riding.
