its got compression or it wouldnt be running, your not to concerned with how much it has at this point, some motors have more than others due to use and age and condition, but it runs so get passed the compression part, start looking at fuel and air mixture. You need to look at the plugs, they will tell you lean or rich conditions. I would bet money on them looking white-ish or the left being whiter than the other side. The carb could need cleaning on the left, it could be an air leak (vacuum) on the rubber intake that holds the carb or the mating surface to the head, if the carb is clean and its sucking in air, it would lean the mixture and still run.
me personally, I would check plugs.
Excess fuel will not make them run red unless the motor is built to make wicked compression and power and then you know its gonna do that on an extended run up. If we are talking a stock motor, and we are, then a red pipe means LEAN, not enough fuel. You can richen these motors up so much that it will wash the cylinders down and never make enough power to run the pipes red. Run it lean for a second and see what the pipes do.