No Start - Where to start?

Morning All - 250 miles into running in a Stage 4 gp 200 lump, clubman & 30mm delly carb, open mouth. A;; going well, running rich but OK, just starting up to 1/2 throttle yesterday, after 10 miles or so, just started to lose all power, spit back out the carb horrendous, hardly kept going, had to nurse home at 5mph with next to no power at all. Today, old fuel out & new fuel in, cleaned carb, checked jetting, changed plug, checked ignition with taking the green wire out, getting a good spark and compression but will just not start, backfiring from exhaust, a couple of farts out of carb, oily residue in end of pipe now. I swapped another 30mm carb from another scoot and exactly the same. It's relatively new BGM stator in it, only about 10k mile on it. I've also
The only change I have made has been fitting a new kickstart piston and adjusting the kickstart to give me a full range of kick. Any obvious starters for 10 to check before I drop the engine and get into it? Happy to compile a checklist to work my way through but I'm thinking
Woodruff Key sheered (but i'm getting a good spark)
Stator shifted & timing out?
Stator packed in on way out
Blown Cylinder Head Gasket?
Thoughts & direction . corrective advice appreciated -- Cheers Granty
The only change I have made has been fitting a new kickstart piston and adjusting the kickstart to give me a full range of kick. Any obvious starters for 10 to check before I drop the engine and get into it? Happy to compile a checklist to work my way through but I'm thinking
Woodruff Key sheered (but i'm getting a good spark)
Stator shifted & timing out?
Stator packed in on way out
Blown Cylinder Head Gasket?
Thoughts & direction . corrective advice appreciated -- Cheers Granty