In addition to what's said, and yes 120 IS the number the service manual for that engine says "If below 120 expect problems", I liked to use a timing light with the pickup close to the wire but not on the wire to check the spark under load which can be different from plug in air or gap readings. I used a magnetic clip and observed the stamping on the side of the pickup that says plug on this side since the spark is direction sensitive. If I could move the clip approximately the same distance away from the wire and still get it to fire I figured all was good to go. Otherwise went after the slacker.
On the DVA reading you may have a bad DVA. The ignition spikes are microseconds (e exponent -6 plural) wide and occur at the running rpms. A regular meter can't detect something that narrow occurring at such a slow rate....when hits per minute (rpms) are compared to microseconds per hit......so you use a sample and hold circuit.....a diode rectifies the signal to pulsed DC. That information is applied to a shunt capacitor which charges up to the peaks of the input pulses after it has received enough of them....takes a second or two.....then there is a very large bleeder resistor across the capacitor to ensure that the capacitor can't charge up indefinitely and miss subsequent potentially bad pulses.....it has to recharge ever so slightly on each pulse. If the capacitor is leaking it can't hold the charge long enough and the average value of the voltage it's holding will be lower even though the input signal was at the proper amplitude.
Having had that exact engine for some 12 years I know that it can be tricky troubleshooting. Listening to it idle and thinking you are catching or missing this or that is a crap shoot. If you run the low speed jet all the way in on a carb and idle the engine, you are starving that cylinder for not only fuel but also lubricating oil. The residual will only last so long.
If you pull the spark plug wire off and ground it while the engine is turning over, you are dumping your charged capacitor in your CDI module in a dead short in series with the coil (contained therein) which can over heat the coil and burn off the wire to wire insulation and wind up in a shorted turn which will seriously affect the performance of that CDI, if not kill it completely. If that doesn't kill it and you run with the cap off the plugs, the opposite occurs. The spark jumps up to 40 kv because of no load and all the parts in the CDI can be damaged by over voltage punch through.
You're not going to have a puff of smoke with fuel problems. A puff of smoke is a load up of one or more cylinders with unburned fuel and after a number of revolutions of that, if the ignition is returned to that cylinder, it and the exhaust path out of it go up in one big bang....aka smoke and that explosion screws up the looped feedback exhaust gasses for the cylinders that are trying to run properly and all that results in a big disruption of the whole engine's performance.
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1. Pull all your plugs and clean them up with chem tool aerosol, something to get all the fuel related stuff off the (surface) gap.
2. Set your low speed jets to 1.5 turns after a soft snug (don't want to cut a ring on the jets conical tip which makes low speed control next to impossible).
3. Get yourself a battery operated timing light and connect to the engines battery at the ⅜" input terminal to the starting solenoid and ground at where the battery cable grounds at the engine block.
4. Get your engine running preferably in the water with the cowling off and somebody driving for you...obviously being careful. Get in F gear on the water, engine idling.
5. First, clip the timing light on each spark plug wire and check for consistent firing on all 3 cylinders. Then unclipping the sensor and just moving it close to the plug wires, check for equal distance from each plug. If all that checks out, accelerate to your trouble range and check again. If the spark holds there I DON'T KNOW WHAT TO TELL YOU. If it doesn't, you may have found your smoking gun. Since all 3 CDIs get triggers routed through them and the only one that fires and makes a bang is the one on the compression stroke if you find a bad one, you can physically and electrically swap it with another and see if the problem follows the CDI or remains with the cylinder. If it remains and is spark related, check the plug or the magnet in the flywheel. If it follows the CDI, get a new one or two if you have one bad one and one half bad one.....it can happen.
You still have low compression and that needs to be corrected before you get any kind of real performance out of that engine.