Did a new top end on my '78 IT400. Soaked and went through the carb while the machine work was being done.
Now it starts, and runs if I nurse the throttle, but never revs up strong. It's also smoking big time. I used the jets that were already in the carb, which may have been tuned for 20:1, but am now running Klotz techniplate @ 32:1.
Try adjusting the needle, if it's adjustable, and maybe the main jet. Especially if you are committed to 32:1. As someone else recently said on this forum, "pick a ratio, the jet accordingly." Once is is jetted correctly, stick you the mix ratio, if you change it you will have to rejet.
The smoking is alright because of the amount of oil you are using, try ajusting the timming. I dont know much about your bike so i cant tell you if you have to advance or retart. Is it easy to start? When starting, does it kick back on you sometimes?