David,
Here's a pretty good thread to check out, and there are others as well:
viewtopic.php?f=21&t=2683&view=nextMy initial MR175 experience was almost identical to yours, except I didn't know how many years mine spent in a shed.

My original carb needle & needle jet were toast (corroded/pitted) and just pouring fuel into the motor below 1/2 throttle. Long story short, I replaced them both (Honda P/N 16012-373-004) with NOS units from eBay, and the bike ran great.
You can replace the carb with a new one or a better-condition used one off eBay, or you can re-jet yours now with available parts and live with some excessive richness until you find a needle/jet set (the 16012-358-034 set is a bit leaner but will also work, I found two of these for sale now). Let me know which path you'd prefer to take (replace, rebuild, etc.).
Ray