If you have fuel in the tank, the float will float on top of the fuel

Unless there is a hole in the float.

Take the float out and see if there is fuel in it (bad); and/or, see if it floats on water (push it in the water).

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.