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On the muffs, oily scum floats on top of cooling water, and a few minutes later a good size loogie comes out (couple of tablespoons, maybe more, stinks like gas); lots more than one would expect even from a two-stroke. Bad fuel economy even for an engine this size. Bad smell of gas, with no...

Thanks, that's what I was thinking. If the compression were all over the place, I would have been a lot more worried. The only reason I started messing with it is because of snot in exhaust (and lousy fuel economy), but I think I narrowed it down to reeds.

Here is that 2005 2-stroke 115hp Johnson (PLSOR) that I am goofing around with. Compression seems consistently low (90 psi +/- in all 4 cylinders), but starts/idles/runs OK. Any thoughts on how to proceed? Leave it be and deal with it when real trouble starts? Tear down and rebuild now...