Well, cqaigy2, I did not see your post (sadly for me) before I tried starting the engine.
I put a new "needle valve" in because I thought this is where the gas was getting by into the oil.
I put a new "fuel pump" on, and all new "fuel hoses".
I put a new "fuel shut off valve" on from TSC, a metal one(Raider Universal), not the plastic (B&S) ones.
I put new "oil" (after draining the old, that had gas in it) and a new "oil filter" on.
I checked the level of oil (story on that in a minute below) and it showed exactly where it needed to be on the steel rod dip stick.
Then, I cranked it over. It took about 4-5 times of cranking and adjusting the choke before the engine started to run.
BUT, OH MY! The engine was making a LOUD metal clanking / clunking sound while running!
I tried to shut it down AS FAST as I could, turning key off, turning the fuel shutoff valve off and putting the choke on. Seemed like forever before it shut down, though it was probably about 45-60 seconds.
Since my "solenoid fuel valve" is not working (they want over a $100 for a new one...crazy) that is, it would not draw in the plunger to allow the fuel to flow when I turned the key to on, so I cut the plunger off and reinstalled it, the engine doesn't shut off immediately when turning key off. The fuel remaining in the line from the fuel pump to the carb has to burn off.
Now, the dip stick story.
When I changed the oil, I refilled with about 800 ml of oil (it should be a total of about 1525 ml). I got side tracked with a phone call, had to go take care of another job right away. Did not get back to the PT until 2-3 days later.
Checked the oil on the dip stick, oil level was showing exactly where it should be on the full line.
After cranking the engine over, it running with the clanking / clunking metal sound, then shutting it down, I checked the oil level again. It showed exactly where it should be, BUT then, I remembered I had only put in about 800 ml!!!
But why did it show me full on the dip stick?????
Looking at the dip stick, the rubber stopper on the steel rod looks like it has slid all the way up to the bottom of the steal ring you grab to pull the dip stick out, and if the rubber stopper did (not sure exactly where that rubber stopper should be on the steel rod), then obviously the level mark on the end of the steel rod is now down further than it should be! Thus showing oil level full!!!
Now, I'm not sure if that rubber stopper moved or not, but its the only thing I can think of why it shows full oil level, but I remembered I only put in 800 ml, not 15250 ml.
So, now is my engine shot?
Or, do I put in another 700+ ml of oil and try to crank it over again?
Again, to ALL, thank you for your input and advice.