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Sounds like dirt or maybe water in the carb , yes you sound about right if it ran and then quit then you would think its not getting enough gas!!!! but won't harm to go right thru it empty the tank and blow out the lines,as you will have to take the tank of to get to the carb , be very careful if you separate the float bowl from the main body there is a thin brass jet that goes right thru they are easy to snap off!!!! hope this helps....
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If the lead plugs in the carb have not been drilled out and the passages cleaned they are probably plugged or near so. Its amazing what cleaning them does for idle and starting.
Sounds like the carb passages are restricted. Idle circuit? Will it start and run with the choke pulled out? How many valves are between the tank and the carb? Do you have a metal edge type filter at the tank valve. Have you verified a good flow from the tank to carb? One check that wouldn't take a lot disassembly is to remove the carb bowl cover and check the float for free motion, as nd the bowl for debris in the bottom. Could shoot carb cleaner down some of the passages. One step more would be to remove the bowl and clean those passages well
Couple more questions....
1. How much flywheel slop is normal?
2. I was searching on here for pictures of a pony carb rebuild and came across a thread where the guy was rebuilding his pony motor and had a detailed set of pictures showing how he drilled the idle passages. Does anyone recall who that was or what the thread was titled?
The passage that is usually clogged and requires drilling the soft plugs and reaming is across the bottom of the carb bowl from the main jet to the plug below the high speed metering well. This causes a pony that has limited power and requires a significant amount of choke at all times to turn the main engine. Your pony that runs fine with good power, but will not idle, probably does not need this main passageway cleaned at this time. It most likely needs some attention to the idle circuit.
The idle circuit is contained in the cast iron venturi / carb body. It is a low volume circuit and usually plugs at the nozzle where gas and air mixture is admitted to the venturi through notches in a brass plug that is driven into the cast iron body just below the edge of the closed throttle plate. Eddie (edb) has posted pictures and a description of removing and replacing the plug.
Couple more questions....
1. How much flywheel slop is normal?
2. I was searching on here for pictures of a pony carb rebuild and came across a thread where the guy was rebuilding his pony motor and had a detailed set of pictures showing how he drilled the idle passages. Does anyone recall who that was or what the thread was titled?
http://www.acmoc.org/bb/showthread.php?20371-Pony-rebuild-in-progress&highlight=pony+carb+rebuild
This should be the thread showing the pony carb rebuild. Very nice pics.