For OP:
Did you replace the power valve seals during this rebuild?
Also:
I will usually take my map-gas torch and burn the exhaust chamber for a good amount of time to insure the old carbon and oils are sufficiently gone upon re-assemble.
For M33:
Good point.
And:
I know where you are going with it every time.
For ogp:
What does a float level have to do with oil/spooge coming from the locations OP mentioned?
For OP:
Air screw should be set factory and then fiddled from there. Add additional jetting changes and fiddle some more.
For ogp:
Even putting the bike at factory settings or your recommendations he will need to fiddle. The thing about the smaller CC 2T bikes are they are not all the same, everyone doesn't live next to you (as in altitude, humidity, etc.) so what works at sea level, will not work at higher elevations. But you know that already.
M33, daddy.