Cleaned the 1-2 carb the proper way, completely pulled it apart, blew out all the passages, cleaned all the jets again, and cleaned a small amount of rust and corrosion I found. Got it all back together, in the car and took it out for a spin. Runs great, very strong from 3k-5.5k, and scoots to 60 so fast. Oil temps hover around 200-210 with the fan going, after the 10 mile 2000' climb to the summit. On the short side, the summit climb is half that distance but still 2000' and in 3rd gear temps were 190-200.
Now to fix the heavy oil leak at the crank snout. This thing is pissing oil past a sand seal even with vents on the case, and I'm not sure how to fix this. The race engine does the same thing, so whatever it is both engines have it. There are no leaks otherwise anywhere on the engine.
Here's a quickie start up video
http://www.youtube.com/watch?v=nj07EaMPPn0