Help! Too much gas in Carb (Tec HS50)

I have an old HS50 engine that was given to me. It's in fairly decent condition but it has definitly spent quite some time outside and has been exposed to the elements. I disassembled the carburetor and cleaned it very thoroughly. I bought a rebuild kit and have replaced both needles, the bowl gasket, the o-rings on the needles and the main nozzle. I've had this engine almost completely disassembled at various phases and now I can get it to run, sometimes. I know that the timing is not perfect, as I do not have a dial indicator. My main problem right now is that often when I pull to start it, I can see fuel splatering out of the carb (there is no air filter on it). After a few pulls there is enough gas in the throat that it dribbles out. Sometimes there is a large vapor puff that shoots out of the carb, it kind of looks like a cloud.

Today I did manage to start it a few times, almost reliably. The choke was set to full (butterfly perpendicular to throat, min airflow) and the throttle was set to low. After a few pulls it would turn over a hit or two. If I then set the choke to the mid position, the engine would run. It runs ruff, with constant backfires, but it runs. At first, if I opened or closed the choke it would die, same if I tried to give it more gas via the throttle. After it ran for a bout 5 minutes I was able to open the choke fully and it stayed running. I could barely move the throttle and increase the rpm, but more that a couple degrees and the engine would sputter and die if I didn't release the choke. I am guessing that the engine is running way too rich. I tried to adjust the idle needle on the side but it seems to have very little effect at all. Any suggestions?

I do have the 692509.pdf file thanks to this site. It has really helped. Also, does anyone have some timing tips for someone without the dial indicator? I've been taking out the sparkplug, and looking at the piston and valves to determine the compression stroke. I think the manual says that B.T.D.C is 0.08 but I really have no idea how low the piston should be when the points open. I've been guessing that this is just milimeters below TDC, just as the piston begins to reverse direction. I am getting some starter rope pull backs with the way it is set now.

Thanks in advance for all your help!