Holley's bleed system is interesting when it is adjustable, maddening when it is not.
Although there are 3 separate circuits in a carb, idle, cruise and transition, they are not completely separate.
It seems to me that when selecting a main jet, we are looking for the right one for our car. Every application will be a little different. If your carb has fixed air bleeds, your jet selection is tethered to the bleed size, not dictated exactly but heavily influenced. The bleed allows a fixed amount of air to draw fuel into the intake. A lot like the idle mixture adjustment screws do for the idle circuit. If you have found the jet that gives the right A/FR at the right time, you have certainly satisfied the air bleed, but you may not have satisfied the engine's demand for fuel.
The idle circuit works exactly the same way, with the added bonus of fine tuning via the mixture screws. The car runs on the idle circuit into the transition squirt until vacuum pulls fuel through the cruise circuit. As main jet size is increased A/FR at idle seems to be enriched. With a fixed idle air bleed, you've just got to live with it.
The procedure I used-
1) Grab a main jet- a BIG one.
2) Idle the engine and check the A/FR
3)Rich at idle, install larger Idle air bleed, lean- install smaller bleed.
4) Monkey with the bleed sizes til you like it.
5) Bump the throttle up off idle and look at A/FR
6) If its anywhere on the rich side- drive it and watch A/FR
7) If it is too rich- install larger cruise air bleeds, too lean -smaller ones

Drive it -if you are in a safe range start watching your vacuum gauge and A/FR to see what the Power Valve is doing to your curve
9) If the power valve circuit is "over enriching" (say you're at 12.5 before PV opens and you find yourself at 10 after it opens) try a bigger main jet.
The PV has nothing to do with volume or flow- only timing. Volume and flow are determined by main jet and emulsion tubes.
10)If you try a bigger jet, you may have to change the cruise air bleeds again
11)Check idle A/FR and adjust idle air bleeds if necessary
12)Reset timing and check everything again -timing advance (or lack of it) shows up in A/FR too.
13)If you're reasonably satisfied, check and adjust accelerator pump actuator.
NOTE: Hold a cup under the lower right float bowl screw when removing it. Remove it first and you won't spill a drop of fuel.
NOTE: Put a rag in the mouth of the carb so you don't drop an air bleed into a bad place.