The good thing is it appears you have good knowledge of motors.
Some carbon fiber reeds (tdr for instance) you can see light thru them in areas but should not be actual holes.
In theory reeds do not play a major role in compression numbers when your kicking it over, they are designed to let in fresh air/fuel mixture and stop burned/burning mixture from exiting through the intake. (backfire on a 2 stroke is a sure bet your reeds are bad)
You said 120psi with reeds cage off and 90psi with reeds installed with carb.
This tells me something is restricting air going into the intake side of the motor,could be reeds have holes,cracks,or old and not flexable enough to funtion properly. Or airfilter/airbox dirty and or intake tube plugged.
Another problem could be the (Exhaust) silencer full of oil or could even bee's nest or mouse nest built in it.Or worse case would be air being pulled
thru the case halfs/and or seals.
The better the compression the easier 2 strokes are to start.More air is pulled threw the intake,reeds,and carb. This is also known as air/fuel velocity.
Could you for a test with everything installed (reeds,carb,exhaust ect) pull the plug, put in a few cc's of mixed fuel into the sprkplug hole, install the sparkplug. Kick it over with about 1/8 throttle. If the timing is correct and plug is good then it should a least fire up for a few seconds.
Keep me informed as I would like to know the outcome..
Thanks