the valve should be closed, IF its a drain for the bowl. is there a spring on the idle adjust screw? there should be. its keeps the screw from turning, from the vibrations. is the throttle lever/cable sticky? or the linkage at the carb? might be something there you could lube.
after checking the simple stuff^^^.....you may have a air leak as well. check the O-ring between the carb and the manifold.
here is a link to a diagram of your carb and everything its supposed to have, it may help you.
http://www.hondapartshouse.com/#/Hon...958AF14958A13E
hope you get her working right, its a great little bike!
