A blown head gasket will show up in different ways, and yes a blown head gasket does not always smoke. On a twin cylinder engine one cylinder may not be producing its share of the power, so when a load is put on the engine it will bog down. Try this to see if both cylinders are working properly.
Here’s a test that give us a better idea of what may or may not be happening. If you have a GOOD insulated pliers, start the engine, go to half throttle and pull the plug wire on one side. Does anything change? Go to the other side and do the same thing. If the engine speed changes when you pull the wire, that cylinder is firing properly. If nothing changes, something is wrong with that cylinder. Next with the engine running, carefully remove the oil dipstick and let it rest on the oil fill tube. If it bounces around, this is an indicator that pressure is changing in the crankcase, meaning possible blown gasket, on the bad cylinder.
Other possble causes of your problem could be leaky manifold gaskets and/or carb mounting gasket. No ignition on one cylinder. Bad manifold, which we just had in another thread about two weeks ago.