Sorry for misleading those folks who have carbs the tube thing won't work on. It works on the couple of sets I have here but it wasn't something I thought up or have even known about for long. I saw it in one of the build threads when I first found this site and spent about a week just reading the archives before posting.
There is just this one thing I wanted to mention, and this is definitely about 550 carbs and definitely only about the later (77 and 78) versions of them. When setting the float height you are shooting for (different sources show different float heights for these carbs) something in the 14~15mm level it just so happens that is the same height as the cast boss the idle adjustment screw resides in, which is right next to the float. So you don't really even need a gauge, just set the float height even with the boss height.
As for setting the heights with the carbs vertical, that agrees with the Honda Service Manual's pictures (though not mentioned in the text). It came as quite a surprise to me, apparently I've been doing it wrong for decades, albeit with consistent success. I don't think it will make any difference which way the carb is oriented though. It seems to me that if the little spring-loaded pin at the end of the float-valve needle is compressed by the minuscule weight of the float it must have lost its rebound ability and the needle probably should be replaced. I know mine don't compress - its something I check before I do the measurements actually, along with shaking the whole works to make sure that the floats are swinging freely. At any rate Spanner-1 is right. According to the Manual the floats should be set with the float chamber positioned near vertical, at just enough of an angle to make the floats gravitate toward their normally 'up' direction, and then make the measurement such minimal contact and pressure is exerted on the valve.
As for measuring it, while on my 550 carbs I just set them to the boss height, on any other carbs I just extend the tail-stock of my trusty veneer-calipers to the required setting, lock it, and then use it as my gauge.