Went through the motor, crank bearings and seals, a few other items in the lower end and a fresh bore with Wiseco piston.
The PO had the float set very low and the pilot jet had been replaced with a #25 rather than the #45 listed as OE. Main jet and needle jet are correct. I set the float to factory specs and replaced the pilot with a #45.
When I tried to start the bike it would not even try to fire. Long story short, I was able to get it to start by pushing it but it ran very poorly. Lots of smoke, spooge dripping from the pipe/muffler joint within 1-2 minutes. Very sluggish on rev up. I had to hold the throttle at 1/3 or so to keep it running. After a couple of heat cycles since the cylinder bore is new, I tried again and had to push it to start it. I was able to start it with the kicker once it warmed a bit. It still ran very poorly. Just for giggles I closed the fuel valve, as it ran low on fuel it cleaned up and ran pretty good, nice quick rev, sounded better. I did a little dance with the fuel valve to keep it running better for a while and then pulled the carb and rechecked the float level, spot on factory specs. I lowered the float about 2mm to see what would happen, no change, runs horrible until the fuel level drops in the bowl then it cleans up and runs pretty good.
My next guess is needle valve. Pulled the carb again and checked the needle. There is no wear ring on the tip of the needle. I left the bowl off and hooked it up to the fuel tank, with fuel running through I can lift the float lever and stop the flow of fuel. I would think that even very light pressure from my finger would be more than the floats raising the lever?
What do you guys think?
Thanks for looking and I appreciate any help!

Kenny