Few updates.
Switched to 20:1 Lucas semi synthetic (runs a little better and sounds less rough)
Used some Teflon tape on th intake manifold and underneath the carb clamp (significant power increase)
Greased up the clutch gear with some lithium grease (less noise)
Overall, the engine seems to be running better. I've got it up to roughly 38 mph. I've ordered some jets and I'm waiting for them to arrive for better tuning.
However, I think there might be an air leak in the head. If I look at the head from the side I can see light from the other side. Once I take the 4 head bolts off and look at the bottom of the top piece, it doesn't seem to be flush against the other part.
Any suggestions?