It's sucking fuel and getting air somewhere. Pretty steady it sounds like. I would say carb bleeding over but that issue usually doesn't cause a steady raise in rpm. Carb related I would bet. Timing will raise rpm a bit but if it get's too far advanced or retarded it will run like ****.
Could be the choke fast idle is stuck......You DO have the 12 volt on the choke hooked up. right? Bet not. Connect that to the hot wire.....Bet we found the fast idle issue...