You describe a problem with either the float or the float-needle and seat. If the needle is not seating then the gas flows past it. If the float has a pin-hole leak, then it will fill with gas and sink.
On some bikes you can remove the carb bowl without removing the carbs. If so, slide the hinge pin holding the float to one side and remove. The float will drop straight down. Catch the needle since it is now loose. Unscrew the needle seat with a socket.
Clean all metal parts in carburator cleaner...do not get carb cleaner on any rubber part. Shake the float and listen for gas inside or see if it floats in water.
Test the needle seal in the seat by blowing gently thru seat. Needle must seat completly with very little pressure holding the needle in the seat.
Re-assemble with new bowl gasket if damaged. A carb rebuild kit ($35) might be available for 1973 carb and contains all new parts instead of cleaning. Kit might even contain new float and float adjust guide.
Avoid adjusting float level if re-using the old float. If using new float, temporarily install old and measure distance to carb body. Install new and match this measuremnt. Bend tang to adjust.
Good luck,
Techjoel
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