lucky 13

here is a pic of my new project

ive done nothing to it a mate of mine bought it off ebay he was told it had been serviced and had a a new piston kit fitted it was originaly running thru a kn type filter and no air box he then bought an air box and his brother altered needle setting on carb i cautioned my mate on the benifits of running it in but the first time out on it he took it up to just short of 70 since that happened it started to loose power rad appeared to be loosing coolant and smoking exhaust he also stated it was running hot as well ive since bought it of him with a view to running it thru winter so far ive taken plug out to check condition of thread and to check compression i can turn it over by hand on kick start and there is a really strong smell of petrol ive left plug out with piston mid travel but still no avail it also has a decent spark ive probably built over 40 lambretta engines and a few custom scoots so i know my way round a 2 stroke engine how easy is it to work on these engines and where would the best place be for tools ie conrod /clutch holding tolls and the various extractors cheers in advance

ive just bought my first rd lc 125 today of my mate it was a runner up until a few weeks ago then it suddenly died tried to bump start it today as it wont kick over when it was bump started the engine tried to fire but it started to squeak i checked plug to make sure it was tight also checked spark which was nice and strong, compression seems ok (i think as ive always worked on lambretta engine`s ) engine smells strongly of petrol so it might be flooding where is the best place to start ive got the workshop manual any help and advice appreciated