In stall a fuel filter right in front of the carb. Do some kind a temperary lines with a clear plastic filter. Run it and watch the filter for fuel or floaties. It sounds like a fuel problem but could be ignition since you smelled raw fuel right before it died. Hot wire the positive side of the coil, come right off the battery. This will bypass the whole ignition system. You could have a bad resistor wire or switch.
No mechanical problem that would require a rebuild of the engine will cause this type of problem.

How does it restart? does it take a while for cool down? does it fire right up? Do you have to pump the throttle? Give all the information you can think of! Joe.