Yes, it could be any of those, but I do over 100 of those engines a year and the most common problem is the float seat. If it hasn’t been looked at in 10 years I’m sticking to the seat.
Fair enough. Took one apart today just for maintenance and hard starting and the seat was slightly swollen. Fixed that. No harm in checking the needle and seat.
Disassemble it according to this video
If you don't have the locking pliers they use on the fuel line then just drain what you can first and be ready to clean up a little spill
If you don't have SAE hex sockets equivalent metrics will work: 6mm for 1/4 in, 8mm for the filter housing and 10mm for the carburetor mounting to the engine. You can use a ratchet instead of a screw driver.
When you get it to the point that the float bowl is off but the float is still in, hold it up side down and observe the float. Make sure it is 'level' to the rest of the carburetor body, NOT like this: (or the other way around sticking up)
If it's not level like that then there's your problem. Bad news: It's really expensive to fix.
$1.00 Needle and seat. (Kidding its cheap and easy).
An air vane is a piece of plastic under the blower housing that is pushed by the 'wind' generated by the spinning engine and when pushed it adjusts the carburetor to get the right RPMs.