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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