I clean every part and replaced stuff like piston rings and gaskets and made one good engine! However I use the word 'good' loosely

The nice new looking engine starts fine after a few pulls but a few minutes into the run it stops! It also appears to be lacking in power! At first I thought... fuel starvation (a bit of priming etc and I can get it to start again) but I've stripped the villars carb down and fuels pipes... all look good.
When it does run, the revs appear to go up and down but no misfiring or spluttering. Also... a little strange but i'm sure it starts better with the choke out instead of in! (but might just be the warm weather this weekend).
Any ideas? I did take everything apart during the rebuild including the crankcase but I used gasket sealant to put it back together again.
I would be grateful of any pointers.
Cheers
Paul