Just a few points.
You might check that the choke is opening properly, ( IN is open ) and the air breather is not restricted by gummed up oily dirt in the packing media inside the cannister.
On the D2/D4 pony motor, carburetor mixture screws work backwards from most small engine carburetors'. You turn them in to richen the mixture. So you might need to back yours out from the initial "1 1/2 turns out from fully in" settings.
The float, needle or seat might be bad as was mentioned earlier. I expect if your float is allowing gasoline to overfill the bowl, if you leave the gasoline valve on with the engine stopped, in a little while you will see gasoline coming out the petcocks on the cylinder heads or out the overflow on the older carburetors that have the fitting on the side of the bowl. Do not run the engine with diluted oil. It holds a quart, change it if it has gotten gasoline in it.
If float is good (no sloshing) and the needle and seat are sealing well, then the float adjustment might be a problem. Take the top of the float bowl off (remove gasoline line and take 4 screws out), and check the float for leakage. Even if it hasn't got gasoline inside, you can make sure a metal float's ok by sinking it in a pan of hot water. A leaky float will make bubbles when the air inside heats up.
Then flip the assembled float, needle and bowl cover over upside down and check that the top of the float as it rests on the needle is parallel with the bottom of the float bowl lid. You have to remember as you read this that the assembly is upside down, but "top" is really top as it is installed on the carburetor bowl and bottom is bottom as it is normally installed, not as you are looking at it upside down. Adjust as needed by bending the small tab on the float that presses on the bottom (head) of the needle.
Good luck!
D2-5J's, D6-9U's, D318 and D333 power units, 12E-99E grader, 922B & 944A wheel loaders, D330C generator set, DW20 water tanker and a bunch of Jersey cows to take care of in my spare time:D