oil out the exhaust is normal as 2 strokers (smokers) burn oil sounds like you have cocked the air fuel mixture and now its over fueling hence y at full throttle your just flooding it . it could posibly be the carb thats at fault , it could need strippng and rebuilding and then setting up properly or failing that as stated the carb could be nakered .

but then faulty fuel taps can cause flooding or fuel starvation so thats were i would start