Hi Everyone.
Thank you for the replies and knowledge. I wanted to give you a little update on progress. I got the points set using a test light method I learned from reading this forum. I also adjusted the valves and the exhaust valve was somewhere around .004 instead of the 18-20 it should be. I put everything back together and even managed to get the pto clutch removed while I was at it. What a bugger that was but mission accomplished.
I put everything together and tried to fire it up and the same thing as before, it fires like crazy but just won't take off on its own. I bought a new carburetor off of ebay a couple of years ago and a new sediment bowl recently. I decided to pull the carburetor off again and take it all apart and this is what I found. Also the sediment bowl doesn't shut off fully when it's valved off which is disappointing. I am so tired of cheap garbage parts.
The gasket for the carburetor bowl is disintegrating and the funny thing is I only run non oxygenated gas in all my small engines. I doubt I'll just be able to get a gasket for the carb bowl so can someone point me in the direction of a QUALITY carburetor and sediment bowl that actually totally shuts? I'm a buy once cry once type guy so I don't care if I have to spend more money.