If your loading up like that, it's definately too rich... First things first, just in case you don't know this... The low-speed needle actually controls the mixture all the way from idle up to about 3/4 throttle. It IS however effected by the high speed needle. If you lean the high speed, you'll also lean the low speed. (In other words, the high speed needle actually affects the ENTIRE range.)

So, with that in mind. I'm assuming your trying to start this at an idle or slightly above idle setting... Set the high speed needle to the factory setting and then turn it in probably 1/4 turn. (I think you said 2 turns out was factory? So start 1 3/4 turns out.) Set the low-speed slightly richer than factory. I think it was two turns too? Then try 2 1/4 turns out...

Next step is to check the plug... You know what... Don't even check the plug... Just replace it.. Make sure your glow ignitor is working good too...

Now try to start her up. If it doesn't want to start after a bit of cranking, then drop the plug, spin it a few times with the starter to clear the fuel, shake the fuel out of the plug, and replace it. Turn ONLY the low-speed needle about 1/4 of a turn and try again...

At SOME POINT it's going to start... Or at least try to start.. Then you know your getting close.... Then slow down to 1/8 turns on the low-speed and get it to the point of idling reliably... Try pinching the fuel line closed for a second at idle. If it speeds up slightly then dies, it's too rich, (the low speed), screw it in an 1/8 and try again... If it just dies, it's too lean. Back it out an 1/8... Once you have it pretty close, let it idle for a minute. If it dies then it's probably still a tad to rich and loading up, try leaning just a bit... If it runs the entire minute, then try adding throttle.. It should have a nice smooth transition.

Once your at this point, you can begin doing power climb-outs to set the high speed. (I'm assuming since you've owned heli's before your not a beginner). Once you have the high-speed set, you low speed will change slightly... Again just set it for a reliable idle. (Always err on the side of rich for both needles).