Two seperate problems here I think. sort the float height out
Check the condition of the that valve seat, see if theres a ring worn around the pointed end, replace as necessary.
The high revving can be an indication of an air leak. I take it you have not had this bike running before? If not it's possible that the crank seal (magneto side) needs replacing. As a test remove the cover and start the engine, then use a can of WD40 with the straw attached and spray a jet of the stuff towards the crank seal (through the slots in the flywheel)
Notice if it has any effect on the way the engine runs. If it does...you get to change the seal.