The float valve seems to have two "set points" for lack of a better term, took it apart and the rubber tip is MIA, never would have known to look for it except I just ordered parts to rebuild the carb and the new float valve has a rubber tip.
Go figure. Hope that's all it is, but I'm replacing everything but the carb body anyway just to be safe. Nothing like inheriting other peoples problems, guess that's to be expected with a 20-year old rig.