I started it up this morning after finding that the regulator housing was on backwards (tab was to the rear). I re-assmbled it with the regulator on correctly (tab towards prop). Started it up and same thing. I looked closer and there is air bubbles comming from the regulator to the carb. The silicone tubes were changed everywhere except to the tank where I took 1/4" off the tubes and pressure tested them. I see NO air comming into the regulator, just out from the regulator to the carb. I'll take apart the regulator again to see what is going on.
The gasket, diaphram and the O-Rin in the regulator were all replaced. I did a complete gasket and O-ring replacement on the engine when I did the bearings.
Something is letting air get in.