Doesn't look good but do a compression test to see where you stand. Since you have all the parts coming in,if compression is decent,125 psi or more I'd take a chance on seeing if you can get it running before you just give up and tear it apart. You never know..

 

OK GUYS!!!!!!!!!!!!!!! I'm back.. Sorry for the long gap in-between. So, heres the deal. I ordered a new carb for 100 bucks from Wincycles, while that was being shipped, I poured Marvels Mystery Oil in the upper intake manifold and let set for several days. After that I pulled the upper and lower intake manifold off. Poured out the oil, and start spraying carb cleaner like crazy in that upper part, note the valves were in closed position as none when into piston area over the course of several days just sitting there. For the most part it cleaned up pretty good but there is still at little bit of that corrosion left just around the edges by the valve, but none on the valve. The underside of the valves (piston side) looked pretty defect free aside from some carbon build up. I cleaned the top of the piston off as there was some build up of gunk on top of it with the carb cleaner and a rag as well. Put'er all back together and cranked her up, she pur'd like a kitten, um more like a hummingbird, the throttle cable needs to be adjusted as the idle adjustment is not touching the idle lever inside the carb. BUT for the most part, she is running and not missing a beat as far as that engine running goes.. I will do as Old Polaris Tech mentioned, going to drain the oil and change filter before I run it any length of time, for now just starting and letting it run to see what else might be needed. I DO know that brake adjustments are in order. The right brake is VERY stiff from the time you start to squeeze and the left is just WAY too loose, Some silver part is coming out of the handle where the wire going into the brake case. Anyhow, that will probably be another forum topic.. heheheheh.. SO "Hats Off to Old Polaris Tech" for the information provided to put me the right direction. Sorry but I don't have any pictures to post with this endeavor, I'll be better about taking pictures going forward. I was on a roll working with this thing and figuring what all I needed for the lowest cost I can get to make it work correctly.

 

So heres a list of what I has to get to fix it. Not say the cost of Mystery Oil and Carb Cleaner..

NGK (DPR7EA-9 BLYB) Traditional Spark Plug $6.28
10W-40 Oreillys Oil conventional $18.58
14BS Battery from Walmart.com $39.50
Oil Filter HF111 Amazon.com $6.38
Air Filter from eBay $16.89
Fuel Tank Petcock valve $43.45
Petcock Lever $14.77
Brand new Carb $99.95