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It still will not idle down
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What about the throttle cable adjustment? At idle it should have visible slack so you're sure the plates are closing all the way. (ask me how I know this...)
DId you do a rebuild on the carb or just blow it out...I swapped on a freshly rebuilt Toy carb and had to take it off and re-clean it 2 times to get all the grundgy flaky stuff out of the jets, especially the idle needle.
Does the phenolic spacer/gasket have to be a certain way with the pony? Again not sure about the pony but the stocker and toy need vacuum on ports on the bottom plate and won't idle at all if those ports are blocked off. (ask me how I know #2....)
The wire most likely goes to a gas shut-off solenoid, you should be able to hear it click on/off when you hit the key...if not it's either not working or not hot.
There's not much to these old carbs...if they're clean and the few moving parts are OK they pretty much have to spit gas
Carb icing....check your fuel filter back by the tank for water, it can freeze enough to restrict flow to the carb, even freeze off gas flow completely. (ask me how I know #3.....)