To do a proper diagnosis you should probably do a compression test, and a leakdown test, on the engine before ripping it apart and spending money.
Most little bikes will push start and run on pretty low compression, but not keep running if you let the revs drop.
Someone more familiar can tell you what compression is usual for that motor, but I'd guess anything over 90psi might work ok.
If you've got spark and enough compression, then push starting the bike with a capful of fuel directly down the sparkplug hole can tell you a bit about if it could run.