Yes, the grease on the bevel gear / clutch gear turns black with use.
Wipe it off every second tank of fuel and re-apply a daub the size of a match-head. EP2, Red'n Sticky, Moly, or anything will do.
Yes, a wet sounding air noise coming out the carb as you rotate the gears is normal.
Crassius has pretty well covered it.
Compression test should be more than 90 psi.
Check your muffler for obstruction, loosening it off with a gap will do to test it.
Retorque all the case and head bolts (nuts) with a torque wrench. Do the intake too.
Like he says, run it and see what it is doing. Put in a new plug and see if it is rich, lean or what...