Nothing jumps out at me - but black smoke sounds like it's getting plenty of gas into the cylinders - if not too much - just not burning properly.
(I'm assuming you've tried this without the air cleaner attached - and ruled that out for blockage - if not - try that first.)
My first guess would be that you're flooding - but typically once you get it to start after flooding they usually stay running ok.
Does the carb drip gas at all?
Could also be a weird combination of flooding - and restricted fuel from the tank. Make sure you have a solid stream TO the carburetor.
Also sounds ignition related - where you get fuel but it doesn't burn right - but assuming all those components were good to begin with - as in it used to run fine?
Might want to at least go over everything on that side - clean your points - make sure your cap is dry, etc.
Not sure about adjusting valve lash on a cub - but if it's something you can do - I'd recheck that.
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Today's Featured Article - Bad Vibes - by Curtis Von Fange. One of the strangest ways to communicate with our tractor is to ask it how it feels. "Ask it how it feels," you say? Yup, ask it how it feels. Now, as with the other articles in this series one has to be able to hear what 'ole blue' is trying to say in response. The nice thing about our old iron friends is that they are usually quite consistent in their response, rather unlike some people I know who might change what they say due to the weather or other mitigating circumstances. But since t
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