The carb doesn't sit perfectly level when installed in a banshee, and it doesn't come on the banshee, so of course you have to set the float level. It might cause the bog, but probably not. its 11mm from bowl mating surface to float seam. The float arm needs to be barely touching the needle and not pressing it in at all.
Dont ever run stepped keys, only use a timing plate or dyna cdi to advance timing.