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Try it without the rev limiter chip and remove aircleaner.
If not that, I'd guess valvesprings are weak and floating the valves.
I am assuming you allready gave it an ignition tune up by replacing the sparkplugs, cap, and rotor. Checked the plug wires, and the coil is OK.
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In a fit of 16 year old genius, I looked down through the carb while cranking it to see if fuel was flowing, and it was. Flowing straight up in a vapor cloud, around my head, on fire.
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