Thanks again mates, for all of your help. I have just had a partial success.

I reinstalled the head cover and temporary gasket, filled the machine with oil, and fired the thing up. The following is what happened. Would appreciate your thoughts.

Are these symptoms consistent with what you're thinking is the problem? Or could I have another unrelated fuel delivery problem?

1) Closed choke
2) Pulled the started rope 10 times - nothing
3) On the 11th pull, a whimper. I'm excited
4) On the 12th through the 30th pull, it runs for 2 seconds at about half speed, then dies
5) On the 31st pull, it keeps running, though at half speed. Now I'm really excited
6) I let it run for 2 minutes for warm-up, then close the choke. Stops firing. I immediately open the choke again and it resumes running, again at half speed
7) I repeat #6 several more times and the same thing happens - the machine will only run at half speed, and dies when I open the choke.

Is my next step to pull the head and find out what the valve guides, valves, and seats are telling me?

Thanks again, mates. I truly appreciate the help.

Regards, Bill