andreb wrote:Thanks guys. I set the float levels properly when I first cleaned the carbs out. I can't imagine they would change that much but I will check to make sure. I thought I had pulled the petcock apart once but that may have been another bike, I have too many to keep them all straight.

I am going to try and tinker a bit with it this weekend. I also thought about your suggestion Chester. If I drain the carbs and park it over night, I can see if its leaking by just looking at the fuel filter. But even if it is leaking, the needle and seats should prevent fuel from flowing into the engine.

As apexxn says above &, as I said before in my first post, I do think the float valves must be letting fuel past somehow. Whether it`s worn valves or them being out of adjustment.
If you suspect them of sticking, (meaning they are worn usually, can also be dirt/debris, although you have a filter), tapping the float bowl area sharply can shock the valve closed. As has been mentioned, you would normally see fuel leaking from the overflow. That`s why I wondered if the overflow may be blocked?
Also, I`m pretty sure the overflow tube in the bowl sits to the right hand side. Meaning it will be raised slightly in relation to the fuel level when on the side stand.
Good luck. I`m sure you will find it in the end.