Okey, a small test ride revealed a motor willingly starting, but having no momentum when revving up. Nothing had been adjusted; Ignition OK, Carb OK, fuel OK.
My suspicion was either damaged reed valve or carburettor issues. In other words, surgery needed.
Off with exhaust and rear wheel...
...revealing the Malossi reed valve...
In order to get to the one bolt not showing in the picture, I had to manufacture a shortened hex wrench. But that did the trick.
On inspection and breathing through the reed, it felt "different" than the reed I have lying around for the Ferdinand project. The reed blades themselfes were not damaged, so what could it be?
Turned out that the screws holding the blades and the metal flaps were loose... and that was all that it was to it.
Lesson learned: Check that the screws on the reed valve are actually fixed before installing.