87 spree help!!!

[fastgtp99]

So my buddy just bought this spree for 500 bucks and it ran good for a day. The guy he bought it from said he rebuilt the motor and di a 72cc kit.(dont believe it for a second) he also saod that the speedo was off 10mph and it will do about 45mph. (yeah right!) anyway are the blinkers on a spree supposed to be slow and the electric start works but wont fire the bike. Also he road it to my house to fix the rest of wiring and motor isssues, which is about 5 miles and it ran great for half way and then got hot and was throwing smoke of which seemed to be by the muffler and it lost quite a bit of power, when he got it here it was so hot you didnt even want to stand next to it. It also has a brand new battery. If you could help that would be great because I only know about the elite dio motors and not enough about the spree. Also the coooling system is working and the oil injector tank has been removed. Thanks guys for your help!