The thing I was unable to fully explain with the manifold air leak scenario, is what exactly happens? How/where does the "rogue" airflow get the petrol it needs? And once it has it, why do the revs eventually fall to tick over?
The rogue airflow does not get any extra petrol, it leans the engine out.
I suggest you have a read up on carburetor theory its all fairly straight forward and can be broken down to a few main pointers,
idle system, slide cut away, needle clip position, needle type and finally main jet. All of these overlap slightly.
Your problem is that it is running lean thats why the revs hang on and take a while to settle back to tickover
so check that the inlet rubber is sound and not leaking, if that is ok than you need to richen up on the idle mixture screw and readjust the idle speed.
Modern petrol has a lot of other chemicals in it including 5% ethanol/methanol so any carb settings given in manuals are only a guide and you should always err on the side of richness
I thought I already broadly understood the basic theory, albeit strictly as an interested lay person. I'm not doubting that an air leak is almost certain to be the root cause, but I'm struggling to convince myself that there is not some "rogue" petrol involved as a consequence of the leak.
You've been courteous and interested enough to offer advice so let me tell you a bit more information.
This thing hangs on at 5000rpm after the throttle is shut, and takes about 3 or 4 seconds to drop to tick over speed. Would simply a leaned out mixture explain those revs? There's another factor which I've only just realised is a clue. We screwed the throttle stop screw right out so the slide was at rock bottom. Like this the problem all but disappeared. Certainly a lot more like you'd expect, but the thing obviously just stalled each time. To see if it was the throttle stop screw jamming the slide, we adjusted the throttle cable to get the slide to "hang" on the cable at approx the right height. The problem came back.
There is strong circumstantial evidence to me, that rogue petrol is being drawn up through the needle jet when the throttle stop screw is at the correct position for normal tick over.
Even if that is what is actually happening, I'm still not able to offer a conniving explanation of HOW. I'm a bit sad in that, as well as finding a solution to a problem, I'd like to know the logic or explanation behind it.