It's a fundamentally better design than the 1920 in a fair number of ways. It has some drawbacks that are rather easily corrected; brass floats are available for it, for example.
Mmm...I don't quite agree here. The first couple years of 1945 (1974-5) tend to be more problematic than the '76-'77-'78-'79 items. About the only "smog feature" that you would need to even think about would be the idle enrichment valve, which was used to allow a leaner/faster-off choke. This valve can simply be capped off and ignored on a vehicle not equipped to control it.
I don't know that I'd go quite that far. Yes, the bowl gasket design is dumb, but how many fires have actually been caused by it?