Sherwinner, I moved your post out of the off-topic thread so that people can address you're issue directly.
To answer your question, the gas would come out where ever it could.... The fuel rail I believe has an overflow tube, but judging by the condition and issues you're bike is having, that tube might not be there... If for some reason that tube was blocked, it would most likely then spill out into the airbox....
I also think that you're diagnosis of a stuck float is accurate - time to pull the carbs and give 'em a good overhaul. Yes, you can clean the floats and all on the bike, but it's going to be much easier to just remove the carbs...