Fuel coming out of the overflow tubes (we're assuming here) means that the float needle valve isn't sealing on the seat, allowing gas to flow all the time. My guess is there's fuel coming from one or two carbs, and not all 4. If it IS all 4, then there's some extra pressure in the tank somehow.
Some of the DOHC models have a fuel manifold valve that only opens when the engine is running. It's a safety device that cuts off fuel to the carbs when the engine stops. It also keeps one from having to turn off the fuel tank petcock every time.
It's probably best to pull the whole carb bank, disassemble one carb at a time, and check the rubber portion of the float needle valve. It shouldn't have any markings or cuts on it, and should be rather supple and not hard or stiff. Also, check the pin that holds the float. It should allow the float to move freely. If the float is hanging up, it may hold the needle valve open.
I'm not sure what the spec is for float bowl height. A carb rebuild kit should have a little gauge to set that, but I wouldn't go that far unless something in the carb needs to be replaced.
Sorry for the drone on here: I'm overdosing on House episodes on USA, and I get overly diagnostical after watching that show. One of my favorites.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.