Well, it's fixed. It was missing a $2.09 washer from the main jet. Apparently the previous owner rejetted the bike when he installed the pipe, and neglected to reinstall this washer. Leaving it out allows fuel to be sucked past the main jet, causing the bike to run outrageously rich. I never knew it had that washer to begin with because it was gone when I first disassembled the carb. I was looking at a parts fiche of the carb and very luckily noticed that washer. The guys at Carey's Cycle Center confirmed that would cause the bike to run super rich.
What a PITA... But, I'm glad it's fixed. I tossed in a 310 main jet, and after a 30 second test I think it might be a tad rich. But I can fine tune that in 20 minutes. Thanks for all the replies guys.