It's leaking out of the bottom like the float is stuck. It has a new rebuild, with new needle, seat, gaskets and cleaned out with carb cleaner. All the contaminants that could be making it stick are not present at least shouldn't be. When I took apart the carb to rebuild it I noticed that the lever that the floats work from were at a odd angle compared to what I've seen pictures of and what settings were supposed to be for that carburetor,  a VM30 SC. The picture below shows the old position that the leaver was set at originally before I moved it to nearly a level, or should I say parallel with the float body like on all the other pictures show the float setting to be and with the spec I got that's where mine ended up as well nearly parallel with the float body.
 

So my question is would the original "odd angled", so to speak setting keep my float from letting the carburetor flood or should I stick with the original setting the carburetor has specified, and find another cause?

 I guess I could have overlooked something but I like to think of myself as being meticulous, and work in a clean environment especially when it comes to carburetors and internal motor parts.

 The history I have noticed with this bike at least with the past owner there was a lot of curious things done and perhaps that's what his remedy was to keep it from flooding was to adjust the float at that much different angle than what it should have been. And I guess maybe that's what I'm asking if I should do as well regardless of what the specs say.

Parallel is correct.

Check brass overflow tube for hairline crack.

As Mark said above.
You could also run a fuel line to it with a tank suspended above the carb [or use water] & with the carb sitting as in the pic, just see how much finger pressure it takes to stop it flowing. Maybe i've over complicating things. Floats free to slide on their pins & not bent pins causing floats to touch something in their travel. Float right way up [wouldn't flow at all that way come to think].

It looks like I may need to consider this carb is toast too. I will tinker with it a bit, maybe it can be remedied. I will remove it an fashion some sort of feed to it, not using gas, maybe alcohol, or water to test what is happening before I take the new carb route.

Looking at the original angle of the float arm, I'm surprised it didn't overflow before.
Did you but a kit or genuine Mikuni parts?
I think the general consensus is that the kits aren't great.
As Mark says, check the overflow pipe.
I connect a fuel pipe to the inlet, blow down it and lift the float arm to check the valve is shutting off as I'm going through the rest of the carb.

The rebuild kit was off of ebay. Definitely not a Mikuni one, it did do well fitment wise. There were extra parts, but what I used looked identical to the original.

Yes regarding the original angle, when I finally pictured how it would have worked assembled, it should have leaked horribly. It was over 40 years ago, and there are things I simply don't remember, but a leaking carb should, or at least could be something I would remember. Then again, it was a long time ago....

I just had a revelation.

The gaskets are much much thicker that the NOS gasket I still have from 40+ years ago. This will lower the bowl, and in essence, lower the overflow tube. I will try to adjust the float to compensate. Does this sound feasible?

Is there any gasoline inside the floats? If the previous owner was having flooding issues, and bent the tab to compensate, maybe there's a pinhole in the floats and there's some gasoline in there. If so, you can dry it out by drilling a tiny hole where the pinhole is, then solder it closed. Shake the floats and see if you hear anything.

"I just had a revelation.

The gaskets are much much thicker that the NOS gasket I still have from 40+ years ago. This will lower the bowl, and in essence, lower the overflow tube. I will try to adjust the float to compensate. Does this sound feasible?"

I wouldn't think the float arm adjustment is so critical that a thicker gasket would have any effect.
I would check the float valve is working, check the overflow tube and as Tom has suggested check the floats.

Thanks for all the input guys. I think I found the culprit. As Mark suggested the overflow tube has a split from top to bottom.

 

Can this be soldered? may be a dumb question, but I gotta ask....