Steve,
? New in box? - if so the engine may need a longish break-in, I prefer on a test stand. Use oil at least 20% castor. 5/29 would be safe for the very first runs. After that, if there's no problem, 5/25 should do well.
? two venturii? Inserts, I guess. Are they rectangular or round? Black plastic or metal? (ENYA sold square intake 52xx series engine with total of three venturii inserts and total of two heads...) The black plastic squarish inserts were numbered (Arabic) 1, 2, 3. The 7, 7.5 and 8 on yours might be the hole diameter in mm, or just numbers to tell them apart in the parts list. For fuel draw,use the smallest. For more power, the middle one, and for max power, with quite a bit less fuel draw, the biggest.
? V-series NOT hand lapped? Got me there. I thought ALL engine cyl/piston sets were hand-lapped. ENYA has a very nice site in Japan, you can get it in English as well. Might find an answer there. Mr ENYA has a lot of support parts going WAY back...
?B111? I've always read ENYA series numbers as Roman, so that would translate to a B-III for B-3.
ENYA engines usually don't run nicely in 4/2 mode, but do great in wet-2 all 2-cycling. Some ENYAs DO run a great 4/2, but I don't know of that including the 29-III or 35-III or -IV.
Decent power! Last forever if not toad-a-ly butchered.
There must be more other ENYA users who can can add to this. C'mon in!