The drop?...... Enough to open the needle valve and not enough so that it hits the bottom of the float chamber.
I just this minute checked into the 1979 70hp OMC service manual to refresh my memory about the float level drop. If there's a measurement listed in there pertaining to the float drop, it is evading me.
The float level..... as follows:
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(Carburetor Float Setting)
(J. Reeves)
With the carburetor body held upside down, the float being viewed from the side, adjust the float so that the free end of the float (the end opposite the hinge pin) is ever so slightly higher (just ever so slightly off level) than the other end. And when viewed from the end, make sure it is not cocked.