The float settings on all Quadrajets were application specific, and the carbs entire calibration was based on that setting. They also used quite a few different fuel pumps, some having pretty low pressure, others really high pressure.
When using a later model Q-jet on a non original application, we recomend setting the float to 9/32 to 1/4" as a starting point. After building many thousands of these carburetors for a wide variety of applications, this has proven to be the best place to be.
As an experiment I tried a really low float setting of 15/32 on a later model carb a few weeks back. At 6psi from an electric pump, there wasn't enough fuel in the bowl to effectively fill the accellerator pump well. The level of fuel was exactly in line with the lowest fill point, it really needed to be at least 1/8" higher.
A low float setting and low fuel level not only effect the carbs calibration, but they don't leave much fuel in the bowl for evaporation.....Cliff