Maybe I'm not understanding the question. The float is supposed to ride on top of the fuel level in the bowl, if the level starts to sink then the float sinks as well and lets the float valve open a bit more to flow more fuel. If the level starts to rise, the float should also rise and close the valve. Of course, there has to be enough fuel pressure that enough fuel flows with the valve fully open (1 psi probably isn't enough, spec is 1.25 to 2.5 psi), but not so much that the float can't press hard enough to shut off the flow.
The flow out of the bowl is created by the venturi effect (google it). These are what's called "variable venturi" or "constant depression" carburetors, meaning they adjust the size of the venturi in real time to keep the air velocity through the venturi (and hence the depression applied to the metering jet) roughly constant over varying conditions. Steady state fuel flow is controlled by means of the tapered mixture needle being moved up and down by the action of the air piston (that forms the adjustable part of the venturi). (This same write-up in different words is in the workshop manual, page P15.)
So, for example, when you start up a hill, you open the throttle some more, which causes extra air flow through the venturi. The piston doesn't move immediately, so the extra air flow creates a stronger vacuum signal (aka depression), which pulls the piston up (against the damper action) and also pulls more fuel through the metering jet. It takes a little bit of time for the fuel to move through the jet faster, so the piston also impedes air movement just a bit, creating a momentarily richer mixture. Then the piston eventually moves and things return to normal.
Thus, the viscosity of the oil in the damper actually tunes what happens when you first open the throttle. If the oil is too thin, you may get a "lean bog" or with no oil at all, the engine may actually stop running.
My experience has been that these carbs actually work fairly well even in advanced states of wear. The main wear area is where the throttle shaft comes out of the front of the front carb; excess wear at that point can result in erratic idle rpm (have to blip the throttle to get idle rpm down).
But problems with the float valve can certainly cause issues. Crud in the fuel (eg from deteriorating hoses) can get caught and block the valve open, causing rough idle and fuel coming out the bowl vents. High fuel pressure (or using Grose Jets) can lead to a situation where atmospheric pressure actually plays a role in fuel level (and hence mixture). Lotta years ago, I was driving a friend's beautifully restored TR3A when a storm front blew through and it started dumping fuel out the bowl vents. I could actually see the slick on the road behind me! (after smelling the raw fuel) Fortunately, he had left the old float valves in the tool box in the trunk, so it only took a few minutes to swap the Grose Jets for the stock valves, and it ran great for the rest of my visit.
That was 2003 IIRC, Fred Thomas let me drive his car during the combined TRF/VTR Summer party. RIP Fred. You were a class act and a true gentleman!