Alright, changed the filter and gave the primer bulb a few squeezes while holding full throttle. Start reving nice and strong. Drove around the block, good power.
Only problem is revs hang real bad after giving it the goose. And with 56hp, you use a lot of throttle, a lot of the time. Seems like over fueling to me, but the collar is still on the smoke screw, and the yellow paint marks from a rebuilder are still intact. In neutral, when you give the throttle a stab, small puff of black smoke. When idling, and when the revs hang, no smoke.