You could. There's a website that sells those rebuilt. Langdon's Stovebolt, I believe it is. You'll also need the 2 to 1 barrel adapter, which is a high quality cast aluminum piece. Also get the linkage kit. I made my own K&N filter adapter out of fiberglass, but you can buy air filters for it there too.
It is a VERY cheap carburetor. About $60 bucks or so, if I remember right. I think you can get everything you need for about $100 bucks, give or take. And it runs soooooo much better. It actually improved the driveability of my Stovebolt quite a bit. Torque AND top end power were better.
The jets for that carb are hard to find. But what you can do, since they're just made out of brass, is to solder the hole closed, and then get the appropriate size drill bits to drill the holes in the jets out to various sizes, smaller first, until you get about the right jetting.
If you decide to do this, I have a few extra jets and the drill bits, and would be happy to give them to you to try out. I won't be needing mine anymore.
You can e-mail your address to me privately if you'd like...if you decide to get one of those carbs.
[email protected]