Another possibility is the Fuel pump. Which you DO NOT need since the tank is above the carb.
Try just running a fuel line direct from the tank to the carb. Just to see what happens.
Sometimes the pumps need a "T" for a return fuel line, to the tank, or they continue to pump past the float bowl and flood the carb.
This could be why it runs with Choke. and why you get WOT... too much fuel being pumped.
I am NO expert... Help me out guys! Does this sound legit?
Well definitely easy and worth a try.
In theory, the float should float up, pushing the needle into the seat, and closing the bowl from allowing anymore fuel in.
However, it is possible extras pressure could overcome the spring pressure and allow extra fuel in.
I would guess a governor or linkage issue is more likely though. Have you tried running it with no linkage hooked up at all?
Also, simple, but maybe overlooked, is the carb returning to closed, idle screw not run way in or anything?