Just thought I would throw out an update:
Carburetors have been fully rebuilt, all new gaskets, o-rings and jets. I found out that a small round style main jet works as a replacement for the econo-jet. I ordered a Mikuni part no. # N102.221-120 and its exactly the same as the jet I pulled from the carb.
I am in the process of replacing the crank seals as you guys recommended. I split the case and removed the old ones tonight and what did I find?
The mag seal was in terrible shape, just as kawhead predicted. Im glad I took everyones advice and replaced these seals now.
Hopefully this weekend I will be able to tell you guys the sled is back together and runs like new.