I presume it has a variable displacement oil pump linked to the throttle in some way?
Is there any possiblity that the oil pump control linkage has jammed somehow so that the oil pump is on full output all the time?? The hangup could be inside the pump.
I think that the fuel level in the carby would have to change a great deal to produce the symptoms that you mention. Still...take the float and the float needle out. Check that there is no fuel in the float, i.e. that it has no leaks. Clean out (compressed air is good) the incoming fuel passage above the needle. Given the age of the machine, there should be no need for anything else.
I may not be as good as I once was, but I'm as good once as I always was.
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