yeah check the float height and the condition of the needle. that's where i would lean towards on a flooding carb. also make sure the float isn't leaking. you can shake it next to your ear, or as racerx has suggested, freeze it then drop it in some room temp gasoline and look for bubbles.
on the needle look for grooves or swelling of the rubber (viton?) tip. also make sure the spring in the needle works, but if i remember right from my 79z50r, there is no spring. the float kind of 'captures' the shoulder on the needle.