Remove the coil wire, then start with a few simple tests:
A. Take the top off of the carburator, add a small piece of rubber hose to the inlet with a hose clamp, now hold the float up, so that the needle and seat are closed, now pucker up and blow all that you can into the hose, if it doesn't leak, and your eyeballs are coming out of your head, hitting your safety glasses, then go to the next test.
B. Look at the float while it is off and out of the carburator, is there anything that can bind the arm that pushes the needle and seat closed, anything that maybe preventing it from closing that needle and seat?
C. On the outlet side of the disconnected fuel pump add a rubber hose with hose clamps, this hose is to go to a fuel pressure gauge, or a compression gauge or an oil pressure gauge any pressure gauge will work, so what you are looking for is that you only need to end up with about 4 pounds of fuel pressure while you are cranking over the engine, Just crank the engine over a little bit, the pressure should come up right away. Don't forget this is with the coil wire still removed away from the engine, off on both ends, have the gauge where you can see it, make a hanging gauge hook if you need to.
D. Here is another easy thing to check while the carburator is apart, take the float and put it in a cup of water to make sure it still floats properly, the exisitng float should have a 50 year old waterline marking how deep it floats.
E. Doing all of this should tell you what to do next.
Hope some of this helped out.
I like your comment that it ran fine in 2005, this is 2012, you have fuel made from Iowa corn and water, what could possibly be wrong?
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