This ski doesn't have an electric fuel pump does it? I thought it operated off of vacuum.
I pulled the head last night and the cylinder walls and piston both look good. There was a little side to side play in the piston that I don't think should be there though and there was some build up on the top of the piston that when u rubbed it between ur fingers it felt course. Is that normal?
If the existing mechanical fuel pump doesn't have enough signal to operate, an electric fuel pump amy be an option, that was my point.
That's good news, the cylinders are in good condition. The pistons will normally have some amount of carbon on the domes, and near the edges of the piston dome it should be bare aluminum ideally, about 1/4 to 1/2 inch aluminum exposed especially near the cylinder ports.
Too much piston heat causes fuel to burn too near piston surface, this, carbon builds on surface. Some carbon is normal. Fuel cools the piston, and heat is transferred from the piston to the cylinder walls by the close tolerance of the piston to cylinder and also heat leaves the piston through the piston rings, this keeps the fuel from burning at the piston surface and depositing carbon. Excessive carbon on the piston dome is a sign of piston overheating and promotes detonation, which will melt the aluminum piston. Lack of ring seal tends to increase piston temperature, because the rings transfer heat from the piston dome area into the cylinder wall through the oil film (the oil film can be destroyed by excessive heat and lack of oil causes extra heat due to no transfer of heat and more friction.).
So if your cylinder walls are unscored, then your pistons may still be in good condition. Especially if the clearance between the piston and cylinder appears to be close, still, which is important in order to transfer heat from the piston to the cylinder, through the oil film. If the clearance is too great, the piston will overheat.
So, it seems maybe you only need a new set of rings, a light hone (you can do this by hand, scrub cylinder well with hot hot water and dish sink soap to remove honing grit!) Maybe the original hone marks are gone by now.
The rings may overheated and collapsed, or they may have become stuck in the piston lands and no longer seal well with the cylinder. I have experienced this phenomenon before and simply removed the rings, cleaned the carbon from the piston lands, and reinstalled the original rings! This is often the case when working on antique outboard motors when parts are difficult to obtain.
Also, sometimes the rings are just stuck in congealed oil, in which case a solvent(such as automatic transmission fluid, which contains solvents) can loosen them. This happens by using cheap oil, and good oil keeps the ring lands clean by acting as a solvent to flush carbon deposits (decomposed hydrocarbons).
So it seems encouraging to me, I think the next step should be to remove the exhaust manifold and get a look at the piston sleeves, especially pay attention to the ring lands for carbon buildup, the rings may simply be stuck in the lands and needs disassembly for cleaning.
Or, you could try reinstalling the head and pour some automatic transmission fluid in the cylinders, crank the engine a bit to work it down in between the piston rings, and let it set for a week, then recheck compression to see if ring sealing has improved.
Nothing to loose, you'll at least need gaskets for reassembly.
Also, I think you should disassemble the carbs and make sure the small filters are clean, don't spray them with carb cleaner or they will melt, I would just use compressed air or rubbing alcohol, everyone says brake cleaner won't harm them. I always just replace them but that costs money. I would also clean the entire fuel system as best I could and replace any gray fuel lines with new ones from the autoparts store. First though, see if you can get the compression to increase before spending a lot of money.
How about removing the exhaust manifold to get a peek at the rings, and rock the crankshaft back and forth very slightly, just enough to see piston move, while watching to see if there's a slight amount of play(clearance) of the rings in the ring lands? If no slight play is perceptible, perhaps the rings are stuck in their lands and this explains ur low compression?
I like it. Let me know what you find?