1) Replace the petcock diaphragm
2) I built a simple float height checker out of the tip of a bic 'round stic' pen and a clear gas line.
The gas line plugs into the part where the white pen shaft used to be. The plastic tip conveniently screws into the drain hole on the bottom of the carb.
With the bike level, hold the hose right next to the carb bowl and make sure your float height is good.