Are you sure it's a Mikini and not a Keihin Diaphragm carb? From your description it sounds more like a Keihin CD42-38 which was used on the GP292.
If it's a Keihin Diaphagm, the fuel level needs to be set as well. That's what that bottom screw is for. There should be a sight tube on the left hand side and when the motor is running at idle the fuel level in that sight tube should rise to the level of the bottom gasket of the upper fuel pump cover. If it needs to be adjusted, loosen the lock nut on the bottom adjusting screw and turn in to raise the fuel level or out to lower it. When it's set at idle speed, raise the back of the sled and check it at 3000 RPM . The fuel level should not change in the sight tube.
Set the idle mixture at 1 1/4 turns from gently closed (smaller front screw) and the high speed at one turn from gently closed. Adjust again as operating temp is reached. Set you idle speed at approximately 1300 rpm.