Can you point me towards where I can buy your O-Ring kits Julie? I had already purchased some based on the sizes recommended before I saw your post but would be good to get some nice Viton ones in the future
I think it is now fixed! Going to go for a ride tomorrow to confirm - but it actually needs choke to start and seems happy on air screws 1.5 turns out, where before it would not come close to running with anything less than 3 turns on the air screws. Idles super smooth and appears to run as it should now, no more rich smell or sooty exhaust
I think there were a few things at play
Primary issue: Aftermarket needles and needle jets (possibly worn too) - The problem went away after fitting new Honda needles and jets - I suspect PO had installed an aftermarket carb rebuild kit at some point as I noticed none of the jets had the Keihin logo and the old needles had a different number on them as well as a shoulder missing at the top of the needle compared to the Honda ones.
Secondary Issue 1: Oversized aftermarket slow jets installed by PO - The slow jets that came in the bike had a significantly larger bore than the replacement ones I got - You can actually see the difference by eye, and confirmed with carb cleaning wires - a wire that wont go through the replacement slow jet is loose in the old ones, despite them both being labelled '40'. Installing new slow jets made the issue slightly better, but didn't solve it.
Secondary Issue 2: Too small main jet O-Rings - This one was caused by me replacing the main jets. I suspect the poor running / backfiring whilst riding and some of the idle issue was caused by fuel being drawn up past the main jet due to the replacement main jets coming with incorrect size o-ring. After replacing the o-rings which are nice and tight now, the backfiring went away but the idle issue was still there
Thanks everyone so much for your help and suggestions. Without suggestions of worn needle jets and undersized main jet o-rings I would not have even thought of that. I left it to last to replace the needles as the needle sets are pretty expensive and didn't want to replace them until it was pretty much the last thing left - I can't work out how the bike used to run fine like this! All I can think is the PO managed to tune the air screws perfectly to mask the issue, and / or the corrosion on the needles and jets whilst it was sitting was enough to push it to the point it could no longer be adjusted out.