P S I readings vary with the equipment you use so it is more important that the readings are all very close to each other, a real low reading usually indicates a bad cylinder. You will need to totally clean the fuel system and do the carbs. The spark plugs will tell you a lot about the engine, black is carbon, clean is lean and silver on the tip is the kiss of death since it means aluminum is coming off the piston and attaching itself to the plug tip due to water in the combustion chamber. I would always suggest you check the easy things first never assume anything, check the crank end play, look in the plug holes to see the top of the pistons and their color and condition. Remember even a bad 2 stroke will run on the trailer, learn the correct way to run one on the hose. Check all your ground wires connections as those corrode and cause issues also.