Yes, it sounds like a too lean condition. I always set high speed first, then dial in low speed mixture (like the instructions will advise). Low speed will affect the high speed setting as stated above, but chances are you will have a hard time setting the carb if you don't set high speed first. Richen up your high speed needle from where you are set now (half to 3/4 turn or so) just to get it a little fat. At full speed, lean out your high speed to attain top rpm, then richen it back up a couple clicks. Now try your transition from idle to full speed. If it still flames out, richen your low speed mixture (or if it's an air bleed carb, turn counter-clockwise to reduce the amount of air in order to richen). If it stumbles and blows smoke, it is too rich.
Hope that helps.

Pilgrim