Remove the sight plug, place a rag under the fuel bowl and shake the car sideways to slosh some of the fuel out of the bowl, a couple of good shakes will slosh enough fuel out to allow for adjusting the float level. Remove the gas soaked rag and with the needle valve adjusted down start the car, if fuel fills the bowl and runs out the sight plug the needle valve is stuck or has trash in it, at that point the needle valve will have to be removed and cleaned or replaced.
If no fuel leaks out slowly turn the nut counter clock wise to raise the needle valve until fuel is at the bottom of the sight plug hole just ready to leak out, that will have the float set at the proper height.
Holley's are great carbs and are one of the best performance carbs ever produced, I've owned several and worked on more than my share.
I like them well enough that I have 3 Holley two barrel carbs on my Ford 406 FE engine.
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