Did you replace the float during the rebuild?
What height is the float set at?
If you did not replace the float, do that first, then re-test.
It takes just over a full turn for the APT adj to contact the post on the power piston.
At the highest metering rod position, the small portion of the metering rods (.036" for "M" rods) should be positioned in the smallest portion of the jets. Verify this by visual inspection, never assume the hanger height is correct. At the lowest point, the larger sections of the metering rods should be well down into the jets. As the APT is raised, verify that it is bringing the tapered section of the rods out of the jets accordingly.
It is not uncommong to have to bend metering rod hanger arms to get the correct relationship between the rods and jets.....Cliff