For the WA, WJ, and WT series carbs there are no exceptions, the end of the lever is to be flush with the surrounding casting. If it is to high it will run rich in the midrange, to low and it will run lean in transition and will be impossible to get a good idle and still be able to transition. Doug is right, if way out to high it will flood constantly and leak fuel even when not running, way to low and there will be no go fast.  If one has a very good understanding of how these carbs work and speaks/listens/feels fluent engine, one can make very small adjustments to the lever height to get an engine to work better in the mid RPM range BUT, all other contributing factors must be checked, verified and or corrected first or you could just be masking or moving a problem to rear it's ugly head somewhere else. Reeds, gaskets, pulse lines/passages, fuel pump parts, filters, pop off pressure, and timing all should be verified and or corrected before attempting to alter the internal carb settings.