Floats are usually set with the carbs on their side so that the float only just contacts the needle, rather that putting too much pressure on it.
For timing, hook the strobe up to a battery and then the inductor from the strobe gets clipped onto the outside of one of the plug wires. If your strobe has a setting for timing advance, make sure it is set to zero. Next, remove the stator cover from the side of the bike so that the rotor and stator are exposed (you may need an oil catch pan for this part). You should be able to see lines on the rotor with letters like 'T' and 'F'. Those will match up to an indicator on the stator (in the 10 o'clock position) during certain times of the crankshaft's rotation.
The 'T' mark indicates that the pistons are at Top Dead Center (or close enough for government work). The 'F' mark is where the spark is triggered when the engine is set to idle speeds (1200 RPM or less). So at this point, you want to get the bike idling and check things out. The beauty of the strobe approach is that you can use it to check timing while the engine is running (which is the only sure way to do things). The strobe flashes every time a spark is triggered and the human eye/brain views the rotor as standing still. You can see exactly where the marks all line up and you can see if you need more advance or not.
Once the timing at idle is set, you want to verify the timing advance. Get someone to rev the bike to 4000 RPM and hold it there (or slightly faster, but not slower than 4000 RPM). The spark will advance to the point where it is now triggered between the two lines that are maybe an inch along the rotor, in the counter-clockwise position.
Make sense?