Your carb is missing the enricher? Unless you plug that passage, you will have a rich condition. Bog then stall at high RPMs is classic rich-condition.
I strongly urge you to get a new carb with a funtional enricher, and then install whatever jet you want.
Unless your bike is more than the stock displacement, I should think it would run best with a 78 to 80 main jet.
The next issue is get one of the these:
http://www.amazon.com/Filter-Moped-S...one+air+filter
and then some of this:
http://www.amazon.com/Scotch-Electri...lectrical+tape
Use the tape to cover about 2/3 the surface of the filter, leaving 3/4" exposed. From there, you can add tape to restrict air, or remove tape to increase air.