The black stuff (Drool) is a standard 2 stroke thing with Honda CR's. My 250 was doing it, as was my 125 back in the day. Usually means that your running a bit rich and the seal at the cylinder isn't doing its job anymore. Pinging sound is much more troubling, usually means that your running the wrong fuel (regular 87 pump gas???). The bike was designed to run premium fuel/race gas, greater than 91 octane.
You also are desribing a lack of compression. This would be why it is so easy to kick over. As for what to replace, your best bet is to do piston/ring/wrist pin & bearing. You will need to have the cylinder looked at prior to buying these parts so you get the right size ordered, you may also need cylinder work done. I went through the Nik-a-sil coating on my 250, and have to re-do everything now.
Pinging can really do a number on this bike. You could find a busted piston (ring land area) or broken ring. Both with cause the bike not to run properly, or just blow-up the entire top end (worst case).
How long will a rebuild last? Depends on you. If you ride really hard, not as long as trail riding. The bigger bikes call for rings every 15 hours of run time.
One last thought, what ratio of oil/gas are you running? Honda says 20:1, but the modern oils are 50:1. That will help with some of the smoking & drool. You won't foul out plugs as often either. Let us know what you find.
Jim
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