Well, my suspicions of Taiwan crap parts have been confirmed. I found one of the diaphragm gaskets was cut incorrectly and partially blocking off the pulse passage. I trimmed the gasket and she started pumping fuel.
Now I have the exact opposite problem. The carb is flooding out. The piece of crap overhaul kit manufactured by SPI, had a different needle and seat, so I had to reuse the original. The threads were cut wrong on the low and high speed jets, so I had to reuse the originals. The welch plugs were made of aluminum instead of steel, and it didn't come with a inlet needle gasket. Basically the only usable parts out of the entire overhaul kit were the diaphragm set, and even that gave me problems. Long story short, any one of these components could be causing the problem. Basically, what it comes down to is I have one of two options: find a different overhaul kit with the correct parts (MADE IN AMERICA), or find a Mikuni carb and swap it out. Either case, its going to take some time to get this situation resolved.
The good news is, I know the engine WILL run, as soon as I get the fueling issue straightened out.