Well, you fellows were RIGHT ON. Turns out is was NOT a faulty part, it was a FAULTY person who INSTALLED the needle valve/float assembly before I got it!
I could not beleive I missed it! It LOOKED like it was in the correct position, but once I removed the carb assembly, AGAIN... INSPECTED things MORE closely and pulled the float, I discovered the previous assembly error by the former owner. NEVER PUT THE NEEDLE VALVE IN THE SEAT!!! I corrected it and VA-ROOM! RUNS GREAT! 85 MPH, 3RD GEAR and not near RED LINE YET, 3 more gears to go!
Bike is scarey fast! Runs AWESOME!
Thanks for the tips! You were both right... There was an error in the carb bank and that caused the flooding issue. Was an EASY FIX, once discovered...
This site is AWESOME! Thanks for the help!
Lesson here: Unless you know what you are doing, don't tear apart things you don't know how to fix. It makes it harder for those of us that DO have general motorcycle knowledge fix it right the FIRST TIME.