If the float has fuel in it, then the fuel level will be higher than it should be, and the mixture will be richer than it should be.
Not sure how that sits with not being able to run without the choke on.
Does it (exhaust) smell noticeably of petrol ?
Did you try someones suggestion of spraying a bit of petrol down its throat while reducing the applied choke. ?
(watch that it doesn't flash back while doing this, so keep an extinguisher or garden hose handy - and be outside)
Not quite sure where to go next.
Magneto.
You can work the advance/retard lever back and forward, and hear the difference ??
It revs up a bit when you advance it ?
You can pull the decompress lever, and it kills the engine ?
If the spark isn't strong enough to spark under compression, then that may be your trouble.
If you had a spare maggie on the shelf, now would be a good time to test it !
Know anyone you can borrow one from ?
When you examined the carb, the needle was lifting up with the slide, all the jets were screwed into place
and the choke slide was lifting up clear out of the way ??
Its in there somewhere, and it should be fairly obvious with such blatant symptoms...