The power valve opens up and enrichens the mixture during periods of low manifold vacuum. I suck on the open side, and put my tongue over the hole on the non-threaded side to make sure it holds vacuum. Some power valves are marked with their opening vacuum level, and some are not. If they're not marked, they are generally Ford and should be right. I believe that the power valve you want opens at 6.5 inches of vacuum, which is proper for a stock engine. Modified engines that produce less vacuum need a power valve with a lower opening vacuum. There are a number of sites on the internet that will show you how and where power valves are marked. Even if I have a known good power valve, I will run it through my "leakdown" test" before I use the carb.
I think you are referring to "float level", not "throat level". The float is that brass thingy in (what else) the float chamber on the front of the main carb body. It allows the needle valve to open allowing gas to flow into the float chamber. Because of the way carburetors work, they like to have the gas level at just the right height in the float chamber. Too high and the engine will run rich and even flood, too low and it will starve for fuel. All kits I have seen come with a cardboard "gauge" that allows you to check the float level. You can change the level by carefully bending the tang on the float to get the float level right. There are actually two components to float level, the actual level setting itself and float drop. The instructions that come with the kit will usually have recommended settings for both. If the float level itself is correct, I don't see where "float drop" makes a lot of difference, but I try to set it anyway.
One last thing; some Holley 94 rebuild kits come with what looks like two power valves. The second is called a "spark valve" and screws into the base of later model carburetors. Don't get them mixed up. Also, I would suggest getting the best quality kits you can (think Daytona Parts) because some of the cheaper kits come with the incorrect later power valve.
Good luck with your carb, I find it very satisfying to go through an old crusty carb and then putting it on my engine and see it purr.