I don't think I have ever heard of gas wicking up the side walls of the carb bowl. When you are driving around, the gas has got to be sloshing around in the bowl, especially when you get to a stop sign. With the gas level set down 5/8 in., you are placing the gas level right at the top of the Cap and Main Jets. Even if the float level valve is working perfectly, you might smell gas in the garage because of evaporation out of these jets. Also, know that for the float valve to seat tightly, the level does have to rise slightly to get enough seat load to achieve a tight shutoff. This is a characteristic of any valve that must shutoff tightly. This is why I also like the soft viton seat float valve because the valve will shut off tightly with less seat load.
If you look at the carburetor repair manuals ("Restoring The Model A and B Carburetors", Rex Reheis), the float level does not have to be precisely at 5/8 in. down.
As long as the Compensator Jet in the carb bowl is always covered with gas, the level can be lower. I like 11/16 in. but less than 3/4 in. to prevent weeping as long as the car doesn't stall at stop signs. I feel it is more conservative setting to prevent gas odors. Ed