I may have missed it in all the posts - did you check that the float in the carb actually floats and that the float needle is OK? Sounds like flooding is a distinct possibility. New float and needle would be a good thing...
try using a syringe to inject about 20cc to 30cc of gas and oil mixture into the carb while engine is at top rpm's. choking gives extra fuel but also restricts air flow which is why the engine looses rpm's
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