My scooter is once again running! Quite well, in fact. All of that rust from the tank really did a number on performance. Some of the particles were so small and looked like really fine dust - that made its way through the filter screen on the carb and settled in various collection points. After trying to acid rinse the tank myself at the recommendation of a local cycle shop, I then took it to Tank Renu - a little outfit in Shakopee. They media blasted the tank and baked on a liner. Good as (or maybe even better than) new! And for $35 it was well worth it.
I also bought new fuel lines as the old ones were getting pretty dried out and I didn't want any cracks or leaks. Instead of going with original lines, I opted for standard hose from a local auto parts store. Another $4 investment well spent.
After putting everything together, I rode around the neighborhood adjusting and tweaking until it purrs like I remember from way back in 1982 (the first time I rode it at my grandparents' house).
The license plates are in the mail, so I'll be hitting the streets very soon!