Well, this has taken a turn for the worse. Shop came up today and magically I have compression on that cylinder. We pulled the valve cover and manifolds to find a mess. A black shiny, smooth tar substance has completely coated the intake ports, the intake and is inside my brand new carb. Looking at the old carb, the same substance is there too and most likely caused its demise. Brittle when dry and comes off in chips. Acetone seems to cut it (one of photos show a litle scrubbing in intake port). It is gumming up the carb and has completely coated the intake system. We assume this caused the valve to stick. Piston/valve top is fine. Valve stem visible in intake ports shows coating. I drained the gas and it is nice and clear as is the tank. It must harden with heat. I can't figure out what it is or where it is coming from but it appears to be passing through carb, so I have to assume it is in the gas. Anyone have any ideas?