Stang,
The fuel you see when the bike is leaning over is fuel running out your overflow. The overflow is the little brass tube in the bowl of your carb, so yes, it will pour out quickly as there is no restriction on it.
The way you are describing the overflow, I would also agree your float level is too high.
The correct height will be in your manual. This could be contributing to this,
The bike ran the best in the mid range when the clip was as rich as possible. Off the start was still bogging and mushy sounding. Off the start the bike ran the best when the clip was in the middle position.
i put the 52 pilot jet back in and the color of the plug is much nicer again. It is that nice mocha brown on the electrode after riding around at 1/4 -1/2 throttle, but the plug is also very wet still.
Riding around at 1/2 to 1/4 will tend to load up the engine & plug after a while, and that may be why you found the plug to be wet again.
If the bike is running better with the choke on she needs more fuel.
Tuck\o/