Adjusting the carb isn't something that's supposed to be done on a daily basis so convenience wasn't exactly on their minds. As a matter of fact, most new quads have a brass plug in the pilot jet hole because except for a total rebuild, you shouldn't need to mess with the pilot jet at all. For the purpose of getting it running this time, burn your hands a few times but hopefully you won't have to mess with it again.
I'm not sure what you're referring to when you say two "holes" to the right of the manifold. The only holes that should be on the front of that motor are the two stud holes for the exhaust flange and the two bolts for the valve inspection plate.
I'm thinking now you should splurge on the fitting for your compression tester in order to diagnose your problem. 5 1/2 turns out on the pilot jet is WAY too far for everything else to be ok. You're leaking oil out onto the cooling fins which is not normal.
Just an idea, but I have seen it before... What kind of physical condition is this quad in? Any missing bodywork? Real beat-up? Some quads have a stock "snorkel" built into their bodywork and sometimes the end of that snorkel has a rubber ring on the end of it to increase vacuum and keep the slide working properly. Usually if there is a ring on the end of the snorkel it's held in place by some part of the bodywork but if the bodywork on the quad is damaged it's possible that the end of that snorkel has dislodged. If the carb doesn't have the proper amount of vacuum it will snap the slide open violently causing the engine to run lean (a problem which can be compensated for by partially choking)
Check your compression to make sure you don't have a timing/valve/piston ring issue, look into the leaking oil, take the carb back off one more time and spray it out with a can of carb cleaner with the little hose on the end to make SURE you got every single little passage in there cleaned out REALLY well, and look into where the pipe that comes out of the airbox (the non-filtered side) goes up to.
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