Thanks for the photos SlowPoke. Good material for the historical library.
The physical condition looks decent. Why not just put it together and try it. You never know, whoever modified it might have been competent. It might run good as-is.
I would remove the pilot jet and hold it up to a bright light. Verify that its not plugged.
Then, very carefully inspect the slide/diaphragm assembly. Hold it up to a bright light and see if there are any holes in the diaphragm. If the diaphragm is good, and the slide is in decent condition, and it moves freely in the body, it should work OK (the slide).
When you get the new float, install it and set the float level. Check to verify that the needle & seat don't leak. Put it together and try it. It might run just fine, or at least good enough to start grooming it.
In the event that the slide/diaphragm are not serviceable, think about replacing the carb. The slide assembly is expensive.
BTW, Lancer's offer of free parts is mighty generous.