4000 rpm? You have too much air getting in, period. Rich/lean mixtures, timing, float height, etc mistakes will not result in 4K. Questions:
What are the "Redline recommended settings" ?
Is this a Spanish or Italian DCOE?
Is this a Renault engine with a single DCOE manifold?
Assuming it is a R engine with a single DCOE:
Spanish DCOE:
Idle mixture screws set to 3.5 turns from LIGHTLY SEATED
Idle speed screw 3/4 of a turn from where it just touches the throttle arm
Italian DCOE:
Idle mixture screws set to 1.5 turns from LIGHTLY SEATED
Idle speed screw 3/4 of a turn from where it just touches the throttle arm
Idle still fast? First back off the idle speed screw. If the idle stays high then you have one of the following:
1) an air leak in the inlet:
- all ports either in use or plugged? (vacuum take-off for the brake servo?, some vacuum ports may be located on the head as well)
- warped manifold (a concrete floor is usually flat enough to use as a guide)
- manifold gasket (OK to use sealant and you should use sealant on metal gaskets, do not use silicone sealant, use hylomar or permatex aviation)
- carb mounts (not tight enough -- some flex required but not much, o-ring misplaced, split or otherwise damaged
- you can use a length of vacuum hose as a stethoscope: stick one end of the hose in your ear and search around with the other end to find the air leak
2) inside the carb
- throttle plates not closing properly due to obstruction, improper installation or twisted throttle shaft (easily done if not careful), remove the carb and check that both throttle plates fully close
- missing internal parts: starter carb air pistons (a DCOE doesn't have a "choke")
3) throttle linkage
- disconnect the throttle linkage/cable to eliminate that cause