Float height & jet centering are important but it is hard to imagine they could be far enough out of whack to prevent the engine from firing.
If 'no start' is indeed what you have you might try some starting fluid -- if the engine fires and runs with that then continue to pursue fuel issues, but if it does not start with starting fluid then that would suggest to me that it is no-spark, weak-spark or totally messed up timing.
And you are correct, apart from over-filling, there is nowhere for that oil to go.