I would start with carb as well but while you have it off, do a compression test on motor before you spend anymore money. that e-clip can be gotten at any hardware store. make sure you check for good flow from the tank. I have had rocks and rust clog the lines. Does sound like compression to me as well though. I am sure it was good and hot, and if it was a little on the lean side, lugging it out on a hill is enough to melt it down quick. but I hope that's not the case. normally when electrics go, they just go, and the motor dies.
Trikes: All Honda: 84 250r, 85 86 and 87 250sx, 84 and 85 125m, 79 82 84 and 85 110's, 73 us 90 and 77 atc90, 75 atc70
Cycles: Honda: 71 cb100, 78 cb750 coming soon cb750 trike. Yamaha: 67 yds 3 (250cc, 2cyl, 2 stroke), 82 750 SECA
Other toys: Chenoweth VW sandrail dune buggy, old race go kart, racing mower, 76 Arctic Cat Pantera 440 snowmobile
KEEP IT ON ALL 3 OR AT LEAST 2 AT A TIME