razorback,
I'm running regular unleaded at 95 octane here in Riyadh (currently 110F) mixed at 80:1 just to be a little conservative with the heat here. Premix is Profi-Bike Evolution 2T, fully synthetic. It's the only premix I could find here. Race gas is nice and everthing, but I do not think it is 100% necessary. For comparison, my 08 Raga 300 has the low compression insert and slow throttle tube. No other mods.
Any chance you exhaust is plugged up? Have a good smell at the tip and I'll bet it reeks of oil. I think this would be the most likely culprit since you mentioned running it at low revs, and when combined with you very rich mixture I think you have some very soggy exhaust packing. When your riding at low revs do you crack the throttle and rev the engine every once and a while to clean out the head?
- Ken