Steve,
Have you removed the barrel, and seen the piston to check that the rings are free and not stuck in the ring grooves. It may have lightly seized and stuck the rings last time you rode it.
I have pulled heaps of these engines apart and have never found a kickstart ratchet stuffed.When putting an engine back together the ratchet needs to be in the right position and the return spring also.Unfortunately to check all this you need to split the cases.Was the engine rebuilt? by whom when you bought it.
Back to your original problem, the lack of compression could also have the same feel when kicking it if the clutch is slipping.
Just a few thoughts.