The red cam-shaped plastic piece is the eccentric that lifts the secondary hangar/secondary metering rods in relation to the air valve opening. It has to be replaced, Ruggles has the kit, $12 to your door.
I noticed in one of the earlier photos the little anti rattle spring on the power piston that keeps the primary metering rods from vibrating (thus wearing) inside the jets was out of position. Later photos show it back in correctly, so that should be OK. That spring can be omitted if there's any question as to the condition of it, it's there to insure 100K mile service life under all conditions and many guys leave it- and the small clip I'll talk about next- off the carb altogether. I use them FWIW.
On thing that you have got to fix is the small hook that clips to the needle part of the needle and seat assembly. The hook does not go through the hole in the float arm. This is a common mistake, but it can cause the needle to hang up and the float level can be all over the map. So, hook it over the cross piece closest to the power piston.
I'd remove the epoxy. It's not doing any good and even though it can't fall into the float bowl, no reason to have it going through the engine. I'm guessing it was there for prevention's sake. If the well plugs ARE leaking get back to the forum and we can get into it further.
EDIT- The air bleed that's damaged needs to be opened back up to the same diameter as the undamaged one. You can use a small pick or smooth nail if small enough to resize the opening to match the other one. Dress the air bleed tip so there's no ragged edges, just don't shorten it excessively (excessive would be more than say 0.015").
Last edited by cobalt327; 03-07-2012 at 02:43 AM.