The float setting is slightly above level. The manual will show the procedure using drill bit for those who don't have the gauge.

Here is a link that might be useful: Tec manual

If it has no adjustment screw on the main jet, a 7/32 drill bit should slide between the float and carb body (with the carb upside down). If the old carb with the adjustable jet, the float should be parallel to the body.

It doesn't have an adjustable jet. If I used a 7/32 drill bit the float would drop far below horizontal. Is this the way it should be?

With the carburetor upside down, the float should sit there with enough gap between the body of the carb and the float to lay the drill bit across the body and just touch the float. In other words the thickness of the drill bit is being used as a measuring tool to exactly set the gap between the carb body and the float. Bend the tang on the float to raise or lower it to the correct height.