if the oil is milky colored that is usually water. change the oil NOW, and then see what it does in a few days. the water could just be from condensation from it sitting up for a while. otherwise it means the engine went underwater.

jd108eric: You can get gasket material at regular automotive parts stores - Autozone I know for a fact has it. It comes in a nice roll. You can then use your old gasket as a pattern, trace it, and then carefully cut your new gasket out with an xcato knife or good sharp scissors. Many of us have used a ball peen hammer to peen out a gasket when there was no gasket. It just takes patience. Gasket material at autozone was very inexpensive, and will make lots of gaskets. I've even used the inner cutouts for other smaller things.

Agree that "milky" looking oil usually means water has emulsified with the oil.

Typical carb screw adjustments are about 1-1/2 turns out, but you have to fine tune the high speed screw with the engine under load.(often just a "bit" more out)
Idle screw may vary more on an old carb due to vacuum leaks from the throttle shaft etc. Some carbs "interact" between the 2 screws more than others. Go back & forth between them a time or 2, until you feel they are at the best setting.
IF the screws have been JAMMED into their seats, it can be near impossible to get them right.

Are there any PN's etc. on the carb?
I can't remember is this engine is a single, opposed twin or ???

Somwhere on the fan shroud depending on the engine you can usually find the engine model, type, and serial number. If you tell me what kind of engine you have I can tell you where to find the engine info on the engine to help you get a carb kit and other parts you need. kwz3@msn.com.

a word of caution about carb cleaner...

WEAR PROTECTIVE EYE-WEAR when working with carb cleaner.

chemicals within carb cleaner will cause SERIOUS eye damage - please be warned ... I speak from experience with a friend who is paying the price (of not wearing protective lenses) ...

Good luck