I now believe the rocker arms are okay. I was able to get the kart to start, and stay running for maybe 30 seconds before it started struggling and finally died. I noticed what seems like a small amount of black dust in the bottom of the gas tank, and so I'm wondering if perhaps a fuel filter or gas tank filter is blocked?
On a side note, how do people dispose of excess / bad fuel? I may want to clean out the tank, check filters, etc. but I have maybe a 1/3 tank of fuel in there.
Edit
I disconnected the fuel line from the carb and turned on the fuel line...no flow. I then disconnected the line from the fuel filter to test it that was causing a blockage...still no flow. I unscrewed the fuel shutoff valve bowl and noticed some black particles in there, then cleaned it out and reinstalled. I unmounted the gas tank and dumped excess fuel into another container. In so doing I tipped the gas tank to the side, and I swear, I could hear what sounded like SAND slowly sliding back and forth inside the tank. I did it a few times, and each time get a few seconds of "sssssssssssss" like a lot of fine sediment is dragging itself against the metal interior of the tank. How do I get it out of there??