Here is a link to the 54 shop manual that has some information about float level adjustment. http://chevy.oldcarmanualproject.com/shop/1954truck/54ctsm0653.html Don't know what year engine you are working on so hope this helps.

The float level gauge is something easily made. I have had good luck setting the float level at 1-9/32 inch with 1-3/4 inch drop.