The nut on top raises and lowers the needle and seat..the screw /plug in the side is the sight plug so you can check the level...if there isn't one I would bet the farm there is a sight glass there instead...that is where you want it to just trickle out. The one on top should have a lock screw on top of it...break it loose while holding the hex with a 5/8 wrench...when you turn the nut up and down the float level will go up and down. It is normal for it to have preasure there..mine always has squirted a bit when I loosen it. One way to get a holly style float extremely close without it running is to turn the bowl upside down and adjust the needle/ seat until the center of the float is about half way up the sight plug/hole. This will be really close when you start it up.