I'm not too much on 2 strokes. I read in a Polaris service manual for a 1996-1998 Model 2 stroke that the service limit on compression is 115 psi. You said yours had 110 psi. Just a thought.
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All vent hoses are clear and proper.
Will have to double check the cap and coil wire.
Clip is on the needle.
It sounds like it not getting fuel or running out.
Have an inline spark checker on it, fire in the tube is brite orange, at half to full throttle, as it starts to bog it dims just a little, but does not seem to stop or miss fire.