My advice would be to put it all back together and use a section of pink tubing to connect the two overflow spigots together to stop the dribbling. I would take the Traynor settings as only general guides - not as actual for your bike. It is VERY easy to set the floats (especially if you take that 1/16" and no more rule to heart) such that they don't allow enough fuel to flow and you starve your bike for fuel.
Don't make these changes and then go to a trial without testing them - ESPECIALLY if the trials have longish transports between sections, you may set the floats to where you have enough fuel in the bowl to make it to the section and then have the bike die or bog in the section because the trip sucked all the gas from the float bowl and it hasn't had time to refill.
So, all that to say, "don't #@%! with it", IMO. Connect the two overflows with a loop of tubing and be done with it.
However, if you insist on jacking with the float level...

but, like I said, I don't think these setting flow enough fuel - this is my carb - you see how far down mine drops.
Its better to be lucky than good.