Please help me diagnose this engine problem...

or he did fry the topend when it ran wide open, the bogging could be a lack of compression because he has a partial melt-down, I'm not seeing the float problem.
 
I think he could have with that jetting, they need to melt sooner or later, I would like to see the piston
 
First do a Compression test, if around 120 your good
Second Pull Carb and clean it. Clean it with some seafoam and when you go to put your carb bowl together, put maybe a teaspoon of seafoam in there to make sure you get your jets cleaned.
Last: Make sure your running a 310 or higher (depending on the mods) for your Toomey Pipe. A 320 will probably suit you best if you have an Aftermarket air filter.
 
don't have a compression gauge, how much are they??
Cleaned carb today and she kicked over but I had to keep her revving high or she would stall, if I would let her creep down into the low to mid range rpms at all it would be difficult to rev her back up and then if i didn't rev her back to higher rpms she would stall out.
I have some slight suspiciion the problem has to be in the cylinder. I am ordering the jet tonight and looking at the compression gauge.
The silencer is wet and black after todays warm up attempt and I think the piston chamber is wet and black. For some strange reason I don't think that can be good. How much do ya think a rebuild cost for me to do and for a mechanic to do. Can I do myself?
Thanks again,
Frustrated and Rideless
 
So i priced engines on ebay and found won for $350. Might do that before I take to mechanic and get charged $150 for hime to tell me the top end is toast or something and than another $600 or sof for him to fix