Congratulations on a good buy, hard to go wrong for a dollar.  If it were mine I would clean the carb and do the "washer mod" while it was off and replace the Phillips style screws with Allen head screws.  There is a market place section on the forum and Lancer can provide a performance carb or jets for the stock carb.

At 16,000 miles the cam chain tensioner is about to fall out and do some damage unless a previous owner replaced the cam chain or installed a modified tensioner.  Verslagen on this forum can provide modified tensioners that can't fall out and take up the slack in older chains.  Look in the tech section for details about carb mods and the cam chain tensioner.  And keep posting your questions, there are several people on this forum who can provide you with good information.

Thanks Batman, and Engineer for the advice.  I have already cleaned the fuel tank with rust remover.  I also have a brand new pep-thingy to install.  The carb has been removed and I documented the sizes of the jets.  I also let the carb housing to soak in carb cleaner, rinsed with water, then blew dry.  I need to get a hold of Lancer and talk with him about carb mods and replacing the jets.  I have a lot of years of playing mechanic and have rebuilt many carbs, but, this is the first CV carb that I have worked on.  Having a forum like this with so many helpful people is priceless.   I have already made a donation, and again, thanks for the help.

I wouldn't do any mods or jetting until you have it running properly. Once it runs and functions as it is, you can confirm IF it needs any modifications.

Batman, I took your advice and bought some carb cleaner and soaked the jets, rinsed them off, and blew them all out.  Now all I need is a new o-ring for the seat and a new float bowl gasket. Thanks again.