Maybe give the clutch an adjustment before you rip off the top end. The kicker drives through the clutch, if its slipping it will feel like it has no compression. Also make sure the valves are closing 100% by doing a valve adjustment, a valve thats not closing will give no compression. The old lifan 3v 110s were a good thing in there day, but if you need a new piston i doubt you'll find one with the correct reliefs for the 2 intake valves. The cylinder and head are also unique to this motor, meaning the head wont bolt a regular 110 cylinder and this cylinder wont bolt to a regular head. Might have to give the cylinder a hone and a set of rings from a regular 110cc motor. The difference is the 3 valve 2 bolts on the side of the head joining it to the cylinder, where a normal 110 only has one in the middle.
Alot of guys used to buy high compression pistons for regular 110s and dremel the reliefs into the piston when they wanted to hop them up.
If you can fix it, it's worth the effort if only for the fact it's an unusual motor, like i said they were a good thing back in the day