Didn't do my research and bought a PA50-I instead of a II, I suck. Now that that is out of the way.
Before trying to start it I "cleaned out the gas tank" and carburetor, but now I know the tank was full of old oil and rust, so when I originally started it the gas in the tank was oil rich and the bike smoked and would only idle and shut off under load.
I removed and cleaned the carb again (it's spotless) and using a clean test tank started it again, now it will rev off of idle and I can ride it, but the engine is not peaking out and only goes about a walking pace, well, 10mph.
Once running I switched the back wheel to freewheel so there is ZERO load on the engine an it still will hardly rev higher than idle.
I called a motorcycle mechanic friend who used to have Hobbits and he suggested the stock muffler could be clogged, so I removed it, put on hearing protection inside my closed shop and started it up, no difference (except for loud).
At this point I'm out of ideas. The bike is bone stock, with everything in place. What am I missing? I am using a new NGK plug, I hope it's the right one, just one of my spares for my Maxi.