Well, it took a short trip out and a good walk home and then a little fine tuning of the carb but I think I've managed to get it running right.
Went for a good hour long trip though the woods and it's now starting good and delivering the power. Bogs a bit if you crack the throttle too quick, not sure if I need to richn' or lean it out a tad.
The little motor really turns on in the high RPM, it's going to be fun once it's broken in. and it totally needs a 5th gear lol, I wonder if a smaller XR50 style sprocket should fit?