Not to be a dick, but do you know you have a 540? Other than what the previous owner told you. Any motor builder would know that a 750 is obviously the wrong carb for a 540.
I would definately change the fuel lines and filter. Earlier in the year, I changed my carb and lines. It made a huge difference.

Other than what the PO told me, I have no idea if it's a 540 or not. So unless I tear the motor down and see what is in it, I have to go on his word. BTW< I cannot for the life of me, get a hold of him either. Seems like he dropped off the planet.
Anyway, yes I have replaced the fuel lines from the tank to the carb as well as new Wix fuel filters.