There are several different float settings depending on which type of carburetter/float set up you have.
Listed below are the most common options.
T1 (1 7/8" OD) and T2 (2 1/4" OD) Float chambers. With the float chamber lid inverted and the hinge lever resting on the float needle, it should be possible to just slide a 7/16" diameter between the radius of the hinge lever and the face of the float chamber lid. See diagram.
T4 (3" OD). A 5/8" test bar should be used. Early HS carburetters with brass floats. A 5/16" test bar should be used.
HS carbs with the early nylon float and steel needle. The gap between the lever and the face of the lid should be between 0.125" and 0.187".
HS carbs with the later all nylon float and delrin type needle. The gap between the float and the lid face should be between 0.062" and 0.187" with the float resting on the needle but not depressing it. This type is non adjustable.