- Float still too high?
Possible. Still got the Mikunis? Float height should be 14 mm. http://www.ehow.com/how_7792282_set-height-mikuni-cv-carburetor.html- Left over race gas in there?
If you changed the oil after that I doubt it.- Stuck needle? (Ethanol sludge buildup maybe)
If the bike runs tolerably well, no.- Worn rings?
A compression or leak down test will confirm that.- Worn intake valve seats?
They would need to be worn enough to prevent the valve to properly seat and the bike would run poorly. Possible but doubtful.- Intake valves too loose?
I assume you mean guides? See above and add excessive smoke and oil consumption.- Oil level too high? (level is at top line. Not sure if this can even be related but...)
No, but that will cause other problems.I would guess either your floats are too high or if you have the stock carbs fuel leakage from the cold start enrichment jet.
Combustion by products will smell gassy.
I wouldn't bin the oil unless you determine that raw fuel is getting in the crankcase.
Since we can't feel or smell the oil over the interwebs. I suggest a compromise. Cheap dino oil 'til this is sorted out.