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Hi! I have this 10550 that seems to be leaking gas into the piston & cylinder and exhaust?
does this mean I have a bad needle and seat or is my float not adjusted right?
should the float bottom sit even or slightly above with the carb body ?
or is there something more going on?????
Thanks for any advice or help!

Sounds to me that it is time to replace the float needle and seat. I believe the part number is 92-9697. Take your model numbers to a good should and have them double check my number. If you tip the carb upside down the float should sit level with the carb body.

Thanks!
I just bought one off of ebay . I checked the float and it still floats so do you think it is good to reuse?

Yes, very seldom have a problem with the float on the old LB's.

I just repaired one that had the same problem and all I did was clean the carb and drill out the jets.but I also installed a fuel shutoff valve which prevents the crankcase from flooding wtih fuel.It spit some excess out of the muffler but ran great after that.

Still waiting for the seat and needle, mean while I added a fuel shut off valve which solved the flooding.