The adjustment on the end of the tiller handle is simply a mechanical rpm adjustment... increases or decreases the mechanical stop range setting.
The adjustable idle screw at the top front portion of the carburetor adjusts the fuel flow in comparison to the air flow (a mixture adjustment)... see the following.
(Carburetor Adjustment - Single S/S Adjustable Needle Valve)
(J. Reeves)
Initial setting is: Slow speed = seat gently, then open 1-1/2 turns.
Start engine and set the rpms to where it just stays running. In segments of 1/8 turns, start to turn the S/S needle valve in. Wait a few seconds for the engine to respond. As you turn the valve in, the rpms will increase. Lower the rpms again to where the engine will just stay running.
Eventually you'll hit the point where the engine wants to die out or it will spit back (sounds like a mild backfire). At that point, back out the valve 1/4 turn. Within that 1/4 turn, you'll find the smoothest slow speed setting.
When you have finished the above adjustment, you will have no reason to move them again unless the carburetor fouls/gums up from sitting, in which case you would be required to remove, clean, and rebuild the carburetor anyway.
Thousands of parts in my remaining stock. Not able to list them all. Let me know what you need and I'll look it up for you. Visit my eBay auction at:
http://shop.ebay.com/Joe_OMC32/m.html?_dmd=1&_ipg=50&_sop=12&_rdc=1