Have you already attached the fuel tank and carburetor? Have you tried starting it? Did you do the initial adjustment on the pilot screw (screw all the way in, then loosen 3 complete turns)? Do you have a float gauge, and did you check that the float height is set to 13.2mm (0.52 in)?
The first link below is a very detailed removal, cleaning and installation guide for the GX160, but should apply to all GX series engines. The second link is a video that corresponds to that guide. I recommend watching/reading because they detail each gasket, seal and spacer, some of which could have been lost when the old carb was removed.
Honda GX160 Carburetor Service Directions: Use a Honda GX160 single cylinder horizontal engine to complete the following worksheet. There is a box before each numbered step. Check it off after completing each step. Stop at all places marked “Instructors Check '' and have the instructor s...
docs.google.com
This video details the setting up the governor linkage:
What does the engine oil look like? Any reason to suspect internal engine damage? If not, I would install the carb and fuel tank, check the adjustments, see if it runs, and then worry about the internals if there is a problem.
Engine RPM adjustment:
If it doesn't run, check these:
flywheel key (good point, Bert)
Ignition timing:
Valve adjustment (also check this if it's hard to crank):
If there's no power, do a compression test