Honda GC160 engine drowning...

I've got a pressure washer that was given to me that has a Honda GC160 (cheap line) engine that seems to be drowning in gas. If I disconnect the crankcase pressure pulse hose to the fuel pump after the carb bowl is filled it will run seemingly ok until the fuel in the bowl is exhausted. If I leave the fuel pump drive line connected it will flood to the point of hydro-lock if you keep trying to start it.
I pulled the carb and ran it through the ultrasonic cleaner on the theory that perhaps some junk or varnish was preventing the float valve from seating, but it didn't solve the problem. I'm rather suspicious of the float as it is a single piece molded plastic piece with no adjustability. If I manually lift the float the valve does seem to close, but I can't tell if it would be at the correct level.
Anyone have experience with these engines and know what might be the problem?
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