Yamaha WaveRunner Compression Problem

Hi I have a Gp800R and it has been bogging down on the get-up and it can only hit 6000 rpm on a full tank. top speed is 43mph when I am close to empty it will jump up to 48mph both tested with GPS but both Speed runs bog down when it hits top speed. I did a compression test and it was really strange 110-120 on the front and 150-160 on the back but both go to 160 when I pour a bit of oil in it. I think it could be the piston rings because it rattles and knock like crazy. but it could also be the power valve I don't know that's just what I was told by my friend. I got the ski for free from a neighbor but I don't have any history of what they've done everything seems to be stock it was an older couple. any help would be great.
 
Well you need at least a top end with 40 psi difference between the cylinders. You will also need to rebuild the carbs with only genuine Mikuni parts due to the age of the ski and the way it's running.
 
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