the wet plug suggests that there is still some issue in the fuel system you mentioned in a previous post that the needle was seating and not leaking .
i had a later victa 2 stroke had compression spark and fuel and still wouldn't go , replaced rings and it ran like new , then ive had one with jammed rings and no compression that ran like new.
they can do odd things .
might be worth pulling the cylinder off and checking out the rings , if the piston is still standard 125cc i have a set of standard rings i can send you with the rubber hose.
