Welcome to the forums. I would start by cleaning the carb. The float needle is sticking open, that's why the gas is running out the overflow hose on the bottom of the carb bowl. Since the gas tank had rust in it, more than likely, there's pieces of rust in the carb. You might want to install an inline fuel filter to keep rust out of the carb.
Most 4-wheeler problems are caused by a loose nut connecting the handlebars and the seat!!
You only need two tools in life -- WD-40 and duct tape. If it doesn't move and should, use the WD-40. If it shouldn't move and does, use the duct tape.
Last edited by Helmut; 05-16-2012 at 09:35 PM.
Reason: Misspelled "want".