If it's leaking, pull it apart and clean out the needle and seat. Make sure your floats aren't cracked (or melted. The first ones treats had weren't rated for our fuel, and the ethanol melted them.) Floats aren't adjustable.
Jetting on my kitted V1 is a 95 main and I forget the pilot. I think it's stock, like 34?
The jetting numbers probably aren't the same as your old carb.
Check those two rubber caps and make sure they're sealing.
The air screw on the side should be 1 1/2 to 2 turns out. Looks like yours is all the way in.
Check for air leaks everywhere, and run a fuel filter.
And no, they weren't designed for reeds only. It's just a carb. It'll work on anything