The high engine speed leads me to believe that the governor linkage isn't set properly. Don't adjust the high speed jet to obtain your desired rpm, that's not what it's for. Tha'ts the job of the governor. Depending on how long you ran engine maybe you locked it up, but probably not. Can you turn the engine over by hand? I would first check belt tension.
Did you use some cheap chine's carb? I recommend rebuilding the old carb.
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128 X 2, 129, 149, 1250, 1450 x 2
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