Okay guys!!! I believe I found the problem at hand. I think it is float and needle in the carb.
I went back to the 126 main and before I put the bowl back on I checked the float.
Float was at 15mm.
So I adjusted to 18mm.
Went to start the buggy and it would not start. While carb was on I loosened the drain screw and NO fuel came out. I think it seats the needle too deep and does not let fuel to fill the bowl.
Took carb back off and set float to approx 16mm.
Started just fine plug did look still rich but hard to tell with used plug. Still had bog but much less than the larger jets.
Here is the vid of how it sounds....
http://www.youtube.com/watch?v=-Fow77rksio
Also FYI even though it was boggy, riding in the snow was FUN!
So I am guessing a carb rebuild is in the future??? Does this make sense guys?