FIXED!!!
It was an air leak. Got it running today and sprayed carb cleaner around various parts - as soon as i sprayed near the inlet manifold, revs rose and when i sprayed on the engine side of the inlet, it cut out. Turns out there was no gasket left top or bottom - only the remains of the gasket around the bolts.
The most shocking part of this is that the intake and exhaust sides of my grubee engine have nice wide ports but the exhaust and intake flanges are roughly half the size.
I got my dremmel out and widened the intake pipe - took about 3mm off each side but none off the top or bottom as there is only roughly 3mm alloy to make a seal with the engine.
Didn't use a gasket either - just put on some gasket paste instead.
Well its running better than ever now. No air leaks etc and has a nice throaghty sound to the intake - deffinately has more power low down now too. The carb got a complete strip down and clean too - i was shocked to see how much cr@p had gotten into the air filter housing and around the choke area.
I used sealant to seal up the intake to carb and also around the slide to slide top.
No more air leaks and running sweet.
Cheers for all the help guys. Lots of helpful hints here in this thread,
Gav.