Good attitude, Gerry! I had to look at the bottom of your post to make sure your name isn't Rich 'cause that would make it a whole different thing...
Took your advise and did the compression test today- Just like I figured- no smoke, not overheating, not using oil- the compression is good- #1- 165, #2- 170, #3- 160, #4- 160.
So it's got to be that carb. The seals and gaskets are all new replaced by Pistol Pete last fall, the carbs are spotless clean inside, but the floats, jets, needles are not new. So I'm thinking that's where I should go next.
Sabercycles has 4 kits with everything but the floats on Ebay for $32 = s/h. That's for all four kits. Should I go for that or should I bite the bullet (and my wallet) and get it from Honda?
And I did not check every air passage to make sure they were clean ( I know, I know, while they were off... Mr ******) but the carb looked good inside I skipped it. Could a clogged air passage cause the carb to run this rich?