If this is a brand new engine, running it too rich will cause it to "seize" quickly. The piston expands before the cylinder does. You must get the engine up to operating temp as quickly as possible by leaning it out. Continued attempts to run it rich will ruin the connecting rod.
Screw the high speed needle all the way in then back it out 3 turns.
Start the engine and run it up to wide open throttle. Turn the high speed needle in until the RPM's peak then back it out 3 clicks. Let it run!

I have to admit that I have never messed with a TH.40, but I do know the TH .46 and the GMS .47 quite well.