Well I had the carb completely apart and I gave it a good cleaning (even though it really wasnt that dirty). Anyways, I found a small peice of mechanic's wire in the main jet. I removed it and put the bike back together and it ran really rich and didn't go anywhere. I'm guessing that the guy who had it before opened up the main jet too much with some wire and then put that small peice of wire to close the hole a bit. Anyways, I put the peice of wire back, and it ran like before.
I guess the wire adds a little uncertainty to the performance of the carb, so my next question is... does anyone have a cheap carb for a Minarelli V1 or know where I can get one? If I can't get the carb cheap I'll settle for a jet, but I doubt I will be able to find parts for these little carbs. Thanks again.