There are 6 or 7 adjustments depending upon the version and if properly made the carb does work well, but there are parts, particularly the 'rubbery' ones that dry out and wear out.
As far as the choke and how it functions, basically as you pull the choke cable a hollow disc that is filled with gasoline from the float chamber rotates.

The short tube supplies gas to the hollow disc

The gas enters the hollow disc thru the opening in the body of the carb at 5 o'clock and exits the hollow disc and into the throat of the carb thru the slotted hole in the body of the carb at 10 o'clock.

Look back at the picture of the hollow disc and you'll see 4 tiny holes of different sizes. Gas enters the hollow disc thru it's slotted hole.
As the disc is rotated via the choke cable, one by one, those tiny holes are exposed to the slotted hole in the carb allowing more fuel to exit the hollow disc thru those tiny holes
As I described earlier pulling the choke cable also brings the fast idle cam into contact with the throttle stop lever and thereby opens the throttle (at full choke) to 11 -1300 rpms when adjusted properly.
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This picture shows the hollow disc on the right, it's shaft where the fast idle cam resides with the choke cable attached and it also shows compression spring around the shaft that keeps the hollow disc in firm contact with the carb.
The starter box (housing) is shown on the left.
