How do you know its running rich? is the plug sooted up? anyhow,you've found the small air/mixture screw BUT it depends if its towards the engine side of the carb body or the air filter side as to which way you turn it.Turn it clockwise to weaken the mixture if its the engine side and anti-clockwise to weaken the mixture if its on the air filter side but only approx 1/8th turn at a time, generally 1 1/2 tuns out from seating is a good place to start. Could also be your float level is too high or you have a punctured float both causing flooding/rich mixture.
Chris P.Duck, November 2010