I have a 1980 VIP 2-Speed Deluxe. It's been sitting in my parents' garage for 15 years, and only started two or three times. It's in great condition except for a warped rear wheel (the 'ped was stolen for a few weeks - another story). It wouldn't start but I cleaned the carb, gas tank and fuel line and it started on the first kick! The problem is it smokes a lot and spits a little oil out the exhaust. I did the "compression test", putting my thumb over the spark plug opening and it didn't blow my thumb off, so I figure I need new rings/gaskets etc. The engine is now on my basement floor.
Am I missing a possible easy solution for the problem, so I don't have to tear the engine apart? Don't think it's the mixture, I only put a quart in the tank along with 1 oz oil. I don't think too rich of a mixture would make it spit oil, either.
Also, any ideas on parts and/or service in the Cincinnati/NKY area?