I for got to ask, are you seeing any metal flecks in the oil on the dipstick? If you have what looks like glitter in the oil that's usually a bad sign.
Do you still have a factory choke setup? With the oil light being on all the time, the factory choke will not get the voltage that it uses to open. If your choke isn't opening if could cause your lake of power. You could try using a piece of wire or a zip tie to hold it open to see if that's part of your trouble. A choke that's not opening will cause ruff running and the lack of power.
Hope that helps, sorry I have nothing better, Ra
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