Surging is a lean running condition caused by too much air, if you can choke it will it's running, it will probably smooth out and run good. i would start by loosening the gas cap when it's surging. if it goes away, it's not venting properly.
It could also be an intake gasket failing when hot and letting air in past the carburetor causing it to run lean.
get some WD40 in a trigger spray bottle, with the engine running and surging, saturate the area around where the carb bolts to the engine and where the intake manifold bolts to the cylinder head. If the engine, runs better or blows white smoke, or has any change in RPM, you've found your vacuum leak causing a lean running condition.