Hi lennyharp,
Whoa! Don't sell the bike. Just have the dealer replace the carburetor. Some of the carburetors were less than stellar, but Whizzer usually replaces them without much fanfare. The carburetor listed on their website is out of date and in fact is a WC-1 carburetor used on the 1999 classic model. I don't think Whizzer has ever bothered to release any new service manuals since the first one. If you have any problems replacing your carburetor or need any parts for it I have a very large supply of parts, including the main jets, floats, float bowls, needle jets, slides, gaskets, etc. for all versions of the Whizzer carburetors [Vintage Tillotson, Vintage Carter, WC-1, 22 MM, 26 MM, and the rare WC-1 replacement].
Although you should never remove the restrictor plate, you might want to re-locate it. The restrictor plate works best if located between the cylinder and the aluminum manifold, and helps keep the carburetor cooler. I have heard rumors that if the 9.5 MM bevel hole in the restrictor were to be open by say a "Gremlin" [code word for Dremel grinder] to match the hole in the cylinder intake port, the bike would start to run as you expected it to.
I know a "Gremlin" [me & my Dremel] modified all my restrictor plates on all my bikes, except for the Ambassador which was assembled with a larger matched plate from the factory.
It is important that you consider all the comments from MotorbikeMike about the float height and removing paint chips from the fuel system, because that is the most common problem, and gas cap problems rank next. I would suggest you take a close look at the tank where the cap seals and remove any loose paint to avoid future problems. If you remove the cap on a hot day or after the motor is running and you hear a "whoosing" sound, it means the tank is under a vacuum. Many will tell you to drill a small hole in the blue assembly under the cap. I won't waste your time by telling you to do that, instead I will suggest you bend the 3 little tabs that hold it in place, and remove it. Either way you alter it's purpose and make it non-operational, and it is much easier to bend the tabs and place the little trouble maker on the shelf. Don't discount the possibility of a problem with the gas cap, because at Portland, IN several years ago my 1999 went 3 MPH faster with the cap loosened. I tried another new cap and had the exact same results, so the stock cap will effect the fuel flow, and a defective cap can almost stop the flow after a few minutes of travel time.
Hope this information is helpful, and once you get the bike running correctly, I doubt you will want to sell it.
Have fun,
Quenton