That pipe will be well full by now of 100 years (well 30) of 2 stroke residue. Find a place that will dip it for you to remove the splutum.
Make sure the airfilter is like new, if it is too rich it will smoke a bit, even though the oil is added independently. As far as the adjustment goes do check the cable isn’t hanging up a bit. They are usually pretty easy to set the pump, but there are a couple of different ways of doing it, like a dimple on the slide, but your manual should sort that out easily enough.
They did give them a bit of oil in those days as many people would run engine oil or whatever they found lying around. If you are using something decent you might back it off a teensy bit.