Generac IQ 2000, will start on choke, as i turn choke off, it starts revving up and down, the red light comes on as to say its over amped and will not run, on run setting on the dial, will only run while on choke, have drained carb bowl, new gas, has spark and compression, not really sure what to do to get this running normal.

The carberator main jet is very likely partially clogged.  
 
The carb will have to be accessed.  With the auto throttle assembly this 
can sometimes be challenging.  
 
Some of the suitcase generators, you can remove the float bowl while still bolted up.
The main jet (very small), is threaded sideways, (not up inside) in the carb body.
 
Remove that jet or at least push a fine piece of wire thru it to clear it. 
Some brake cleaner sprayed thru the orifice would also be helpful.  
 
For a cheap shortcut that MAY work.  Put in a very heavy dose 
of Seafoam in the fuel.  Get the machine running to work the SF 
into the carb.  Let it sit overnight and then run some more.  
 
Over mixing won't hurt anything.
 
.