I rebuild carburetors as a service for my club. I always tell the recipient that the weak link in the carburetor rebulld is the gas shutoff valve. I try to use the old valve, soaking it overnight and flushing it out. After cleaning, I gently tap the valve into the seat with my fingers to obtain good contact with the seat. Sometimes I will cut a piece of cloth about 3/16 in. wide and stuff it into the valve inlet, soak it with carb cleaner and rotate the valve stem into the rag to wipe the seat off. After that, if it still leaks, it is time for a new valve.
With regard to the 5/8 in. float level, Steve Pargeter has stated in his repair manual that a bit lower may give you more tolerance before the carb leaks. You only have to keep the gas level over the Compensator Jet to obtain good performance at all times. If you set your level down 5/8 in., and then look into the throat of the carburetor, you will see the gas shimmering at the top of the jets. Your carburetor may not be leaking but you may smell gas in your garage the next morning. I prefer 11/16 in. down from the top of the lower casting, but definitely less than 3/4 in. You will know you went too low with your level if your car is stalling at stop signs. The gas is coming away from the Compensator Jet.
Another reason to use a 11/16 in. float level dimension is that the float valve has to have a "seat load". The valve can't just touch the seat but must push into the seat with enough force to achieve a tight shut off. This force comes from the gas level rising around the float. This is one of the advantages of viton soft seat because it requires less force to achieve a tight shutoff than the metal to metal seat. As you might surmise, I worked for control valve company for twenty years and achieving a tight shut off for a boiler fuel regulating valve was very important. Ed