Thank you. I got this bike passed down from my grandpa and am trying to get it running properly again. I'm no mechanic but learning as I go. 

Dumb question  but do I take that metal bracket off the new needle?
 

I wouldn't.

Posting pictures of questions you have about assembly, etc is helpful...  especially when you're learning and don't understand how things are supposed to work or fit together just yet.

Float needles often have the clip that goes over the float tang to pull the needle off the seat when the float drops so fuel can start flowing...  rubber tip needles seal better than the old metal tip type but can also "stick" closed easier... the clip helps prevent that.

Thanks Mark. What oil do you recommend I use for the premix?

Also below is a link to two images. The top image is the throttle stop screw. How tight should this be?

The second picture is the carb cover with gasket. How important is that gasket? Mines pretty beat up.

imgur.com/a/GI9NFJB

Two stroke oil...  you don't need anything fancy.  I'd start with 20:1 mix

You set the idle speed with that rod adjustment.  There is no "number of turns" you just adjust for a good idle.

The front chamber needs to be sealed good or you'll suck dirt into the engine.  So always run with rubber cover on too.

The engine is the same as the early YG1 without autolube...  sometimes sellers have inexpensive gasket sets on ebay for the YG1.