Alright! I'm starting to get excited about solving this problem! I've got some more info that might be useful. Last night I was tinkering with the idle set screw (not the mixture screw). I found that if I turned the idle way down the hanging rpm issue completely disappeared. I could rev it up and around 4,000 and the rpms fell like a dream. With the idle set so low, however, the bike wouldn't idle itself, I had to hold the throttle open a tiny bit to keep it from dying. I tried turning the idle screw slowly back in until the bike would idle on it's own, and then revving it, but the hanging rpms came back.
Then I started messing with the idle mixture screws. If I turned them leaner, I had to raise the idle to compensate, but it helped the hanging rpms. I got the hanging back to 2,500 from the 4,000 that it was at before, but I couldn't eliminate it without the bike's idle dropping so low that it would die.
What I didn't try was turning the idle mixture screws out, making it richer, and turning the idle speed down. I just didn't think about it, but now I wonder if that would have worked...
In the end, I turned the screws back to 2 and 1/2 and set the idle speed to normal, just so I knew exactly where I was at when I come back to work on it again. I'll turn them out to three when I get a chance. I feel like I'm so close! I'm not really sure what I'm going to do next, I'll try messing with the idle and idle mixture screws a bit more, and then try the floats?
When I measured the floats the last time, I had some tubing lying around that fit the hole, so I put it in the drain hole and let out the screw. I didn't check the actual level of the floats, just the fuel. How do I go about doing that? I've got no idea.
Is there anything else that I should be looking at that might be the culprit? And I know my posts have been a bit wordy, I've been including lots of detail about everything.