Slowly, some of the issues with the Zephyr carb are coming back to me...
The float should be near the top of the bowl, but that's only when lifting up the pin to seat it. So you need to lift up the pin to see where the float sits when the fuel inlet is closed off. Or just turn the whole thing upside down and see where the float sits. To be sure it's right, set it, assemble the top, and invert the carb. You shouldn't be able to blow into the fuel inlet if the pin is correctly seated. Now set the carb right side up. You should be able to blow air into the carb fuel inlet.
Another source of trouble with these is the little "hat" fitting that goes on the top of the float pin (after the carb cover is back in place). IIRC, there is a spring loaded lever that will raise the float pin when the motor is shut off. On some models, this same lever operates a valve to shut off the tank vent, too. Anyway, the easiest way to install the "hat" on the top of the float pin is to face the concave part downward. But it's supposed to be oriented with the concave section upward to capture the pin that goes through the hole at the top of the float pin.