Alright, update time:
Went to Walmart and got a 1 gallon gas can and a funnel. Then went to Autozone and got Valvoline 2-stroke oil (I'm not sure how well broken-in the engine is, so I figured I'd get decent oil, but no need for the super amazing stuff, but not the cheapest either.) I also got a tube of silicon caulk, a second adjustable wrench and a little thing of blue loc-tite.
I did a 24:1 gas/oil mix with 87 gas (5oz oil to 1gal gas.) I did this because it seemed safe for now with plenty of oil. I don't need racing speed. Before I filled my gas tank I took off the carb, emptied the old fuel out of it and made sure it was clean. When I reattached it to the intake, I sealed it all up nicely with the silicon and made sure it was seated tight tight tight.
Filled the tank, started her up and wow... this machine is running wonderfully. I did turn the idle screw up maybe a half turn, just to get my high-end up there a little, and now the idle sounds healthy and active, and WOT gives me plenty of speed. Low-end to mid range torque is more than satisfactory for me. I took it up a couple of pretty good hills with no problem whatsoever. I've got my tire pressure to just below 40psi, which is the recommended pressure.
I haven't applied any of the loc-tite to anything yet, because I'm not sure what should get it and what shouldn't. I have no experience with it, so any input on that would be appreciated. Also, is there anything else that could benefit from the silicon? Aside from that, I'm still waiting to get a really good spark plug. The one in there seems to be doing an OK job for now.
The "fuel lines" gotta go next paycheck, and I'm debating whether or not to drill a few holes in the air filter casing. Seems like it takes a few seconds for the RPMs to go back down after throttling, I'm gonna look up what that means too. But as of right now, all is really well. Just sucks it's so flippin' COLD outside.