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Check for leaks in the intake tubing , air filter cover and the reeds under the intake manifold .

I would think the weights and belt are worn out too . I would do a compression test as being that old it may need new rings .

My buddys Elite takes off like a forklift very fast then slows down around 20 and tops at 30 . It is stock . I put 1.5k clutch springs in my 2T and wow takeoff was so much better as the springs engage 1.5k higher of RPMs than the stock ones . I had an Elite when I was young and it had more pep than my Tomos Bullets ( pedal mopeds ) , same top end but it went faster uphill .

I later bought a hot rod Spree with a 90cc engine man it was a beast . I never had a single issue not even a bulb going out .

Take a look at the clutch pads to see if they are worn or glazed up . With a 2T I always prefer to run rich than dead on it . A tuned pipe , upjetting or larger carb can do wonders once you get the jetting dialed in . Hondas usually have a Mikuni oil pump which should last forever . Just hope the oil tank does not leak as they will crack with age . I had Honda Express , Urban Express and Yamaha Towney and never had any problems other than tires wearing out . The rest of my moped collection were the pedal types like Tomos , Puch , Garreli and Motobecane which were premix of 50 to 1 or 3oz per gallon . A new NGK sparkplug can also do wonders . I opt to get the NGK iridiums as they fire better and not as likely to get fouled out by oil build up . The weed eater oil can do this as well as smoke all the time . The synthetic blend and full synthetics smoke at start up as hardly to none once warm and less likely to foul the plug as the cheap oils .

Does it look like this between the fan and variator? If so you need to buy a unrestricted Boss.
Alleyoop



Unrestricted Boss:

Check it out and find out, restricted it should do close to 30mph so first take the Variator off and see if it has a washer then check the weights, they may be flat as a pan cake. Being that old it could also be the belt all worn down .How are the RPMS when your riding it do they rise up nice and high or not. If not did you clean out the Air Filter and adjust the carb, running RICH it will loose a lot of power. Also is it smoking a lot or just some smoke. To much oil and you will also loose power.

How about a Video running it.
Alleyoop