Hi guys, thanks for the tips. I received my Bratton's order yesterday. Last night I installed the in-tank filter (see pic below), Fixed the stuck gas gauge, removed and clean all fuel lines and gizmos between the tank and carb. I also ordered an air filter to fit onto the carb as our did not have any protection their.
I hooked up the fuel lines, turned on the valve, put the spark lever up, turn key on, turned GAV 1/2 turn, pulled choke, and she started right up and purred like a 84 year old grumpy kitten. I swear this thing reminds me of a 2 seater airplane.
Tonight I need to rebuild the carb. I think the bowl is filling up too high. After that it should be all set.
I've let it sit with the battery on for the past 3 days and there has been no reduction in the battery voltage. Still reads 12.5v. I'm still not 100% convinced that the alternator is working correctly though. I may need to find a solution for this.