Been working on this engine. Took the carb apart as others have said.
Let it soak in mineral spirits and sprayed carb cleaner in passages.
Used can air to blow out passages. Had a heck of a time once I put it
on to get it to start. It seems that once it warmed up, I was able to
get it to finally run without choke after adjusting the carb what
seems to be hundreds of times. It helped that I had a battery charge
connected to my battery. (Once I disconnect the charger it seems to
not want to start).

I have a feeling that after it sits overnight, I wil not be sucessful
getting it started when it is dead cold. Also, it ocassionally
backfires and once made a loud pop out the exhaust.

I was worried maybe it did not have good compression was the reason
for trouble not starting. I did a test. Cranking with the choke closed
I got a reading of 50 psi, choke open 45 psi. Is this normal?

When I did take the carb apart the side adjustment needle with the
spring I noticed the end was flat. I can turn that screw with it
running and it seems to have no effect on the engine. Everything else
seemed ok the best I could tell.

Where can I go from here? It is starting to get frustrating.

Here is a short video of when I had it running. DOes everything "look"
like it is right?

SO do you think my 31380c rod in place of the 34750 rod was a sucess?

Here is a video of when it was warm and running: http://www.youtube.com/watch?v=h92ZPUMEB3Q