We do not " believe " that.----We know that an ignition system in good condition can easily do that !!----Now that you have established that ignition components are good , you can look for other issues !
Fact ---Disregard what your co-workers say about 90 PSI compression--Most folks do not understand that pistons do double duty in a 2 stroke.----They compress in the cylinder and also in the crankcase.-----A healthy V-4 runs with compression at 120 PSI , need to accept that fact !!
The sparkplugs are not used to do a proper spark intensity check.----You use a test device !----Need to see if spark is strong enough to jump a gap of 3/8" or more.
Yes it is a 2 stroke.----Mix at 50:1 in the tank.----Install a new water pump impeller.----Find an owners manual.----Read it 2 times before your first fishing trip.
There are lots of exhaust bubbles in your bucket.-----Fooling you into thinking it has lots of power.----Agreed sounds like it is running on one cylinder or throttle cam might be broken..
Do you change light bulbs in the kitchen before they pop ?-----The electrical bits are quite well made.-----New impeller every 4 / 5 years is all I would do.
They did not leave the factory with a tell tale as is found on a 1979 3 cylinder motor like yours.----Test your overheat warning light!!-----Install a new impeller now and every 5 years.
I believe you are overthinking on the timing marks.-----A wise man would install a new impeller.-----These motors do not have an overheat buzzer.----hey do not have a shutdown on overheat feature.-----It will run until it is far too late !!
It did not come with a tell tale like newer motors !!!!------You must install a new impeller too.------Or test the overheat warning light.----Better yet is to install an overheat buzzer!