It's a 20 year old bike that had 30psi of compression when you bought it. That's a polite way of saying it sounds like a bike that was never maintained. Given it's age and what you are describing I would not assume anything is working correctly till you prove it out. That means checking at least the following:
- Crank seals Ignition and clutch side - if these leak it won't run right ever
- Ignition system - verify the ignition output (see the manual for numbers and procedure) , verify the condition of the coil , coil wire and all the grounds
- Pull the carb off again and check/set the float level, and verify that the floats actually FLOAT. 20 years of alcohol laced fuels can do some pretty weird things.
Start with the basics and don't assume they are correct until you test them.
Think FACTS :
Fuel, Air, Compression, Timing, Spark
verify each, and make sure they function properly and the engine doesn't have much choice but to start and run properly.