You got 2 things to be concerned about, firstly the compression of the cylinder/piston which is determined by the rings and wear on the piston and cylinder walls. Secondly you have the reed valves which have to seal tight on the pistons down-stroke, and the crankcase has to be air-tight, which means the crankshaft seals have to be good. If you didn't change the seals, then I would change them. While you have the crankcase split, take the part the reed plate is attached to (that the carb screws into), and clean or wipe off the surface, and put your mouth to the hole where the carb is fitted. Blow and suck on the reed assembly. It should let you blow, but you shouldn't be able to suck much, if at all. If this condition is ok, then just replace the crankcase seals, if the reeds pass air both directions, then replace the reeds too. Don't forget to apply sealer to the crankcase halves before re-assembly. I use form-a-gasket #2, but that may not be the best thing, but it works for me. I have found Lawnboy 2-cycle mowers will run moderately well with weak compression if the whole intake process is good and tight. (reeds and seals), and the carb/intake gasket is good and airtight. I use form-a-gasket on this paper gasket to help get a good seal too!!