It needs a carb rebuild, not smaller jets. The needle and seat must have worn out and is unable to restrict the fuel flow correctly, so it runs rich.
Chances are it floods also , after setting.
You have owned it since new, thats pretty good.
The electrical thing on the side with the 4 wires is a feedback motor.
Is the check engine light on? It may have some other issues as well. TPS MAP sensor etc. all need to be looked at before any work is done.
Fact is stranger than Fiction