when was the last time the fuel hoses/squeeze bulb was checked for cracks and or leaks??
how about the carburetor,when was the last time it had a good cleaning along with removing the jets to make sure they are absolutely clean??
I ask as it doesnt take much crud to really limit what a motor will do and still seem like its working okay other than its low on power.
I would even go so far as to remove the top of the tank where your connection goes and check the pick up tube for pin holes and or plugging which will limit how much fuel gets to the motor.
another suggestion is to rebuild the fuel pump,kits run about twenty bucks or so and are easy to repair.
a motor if every thing mechanical is in good shape can only produce so much power for a given amount of fuel and still run with out going lean and burning a piston.
the last thing I will mention is how old is the fuel you are trying to run on??if it is over two months old,its stale and I dont care how much stable/seafoam or other additives are in it.
stale fuel will NOT make power,the gas we get today only has a shelf life of around thirty days before it loses its ability to fire properly.
I have seen the last issue I mentioned more times than I care to count,it gets worse if you had it out last winter early and still have more than a quarter of a tank of winter blend in it now.
the reason? its a winter blend that is designed to evaporate more readily in cold weather,it also has a lot of butane in it to aid in this and it really cuts into the fuels ability to burn properly when temps are above fifty to sixty degrees as it evaporates too fast,it will wreak havoc running wise in a warm environment.
two stroke engines are super sensitive to the quality of fuel you are putting into it,especially the older carburated ones,water cooled ones more so as they dont get as hot as an air cooled one.
good luck and let us know what you find out!! as I have said before,someone along the line will have an identical issue and your experience will help them out.