I read one article (I think it was an online Hot Rod article) where they were going with larger and larger carbs til they found the optimum. iirc.... they were doing test runs on a dyno. They watched manifold vacuum at WOT. They would do a pull and watch the manifold vacuum to see if the carb was flowing enough, i.e. if there was still significant vacuum at WOT, they tried the next biggest carb. If I understood correctly, they were looking to find the carb with the right amount of flow to give the motor all it wanted to pull in. In lieu of a dyno, I guess you could mount a vacuum gauge in the car and have some watch to see what it drops to at WOT.
Is it worth it for a street car that doesn't see WOT often? Probably not.
I did a quick search and found the article. It was a Car Craft article,... about Barry Grant's thought on finding the right size carb.