I would put the original carb back on.
I gather the fuel oil mix IS correct (as it does smoke alot)?
I looked at the old video again, and I believe it's a fuel related issue running too rich.
Try adjusting the HS screw with the throttle wide open. Don't be afraid to turn it a bunch for now.
Get that excess fuel cleared out.
Again, for the LS adjuster, lean out (turn the closest to the engine) clockwise to lean the mix and get a good steady idle...
I'd also go thru the carb again, compare pic's with your carb.
The squareish diaphram, part #34, should be nice and soft, no holes, NOT stiff.
That IS the fuel metering diaphram allowing the correct amount of fuel into it.
I'd also remove the needle, check for any crap in there holding it open/flooding it.