The Z50 and CT70 have virtually the same lower end. There may be some minor differences but, the only ones that matter...functionally...involve the top end. Swap-in a 72cc cylinder/piston, head and carb and you'd have a CT70 3-speed semi auto, with a Z50 serial number. There's a lot of parts interchangeability with all of the 49cc-based motors, including the C90 which was not marketed in the North America. It can get a bit confusing, for this thread. So, I'll conclude the parts interchange sermon with this...the tranny and clutch assemblies can be swapped between any 49cc-based motor. It is possible to build a 3-speed manual or a 4-speed semi auto. The only way to know what your engine consists of is by doing a teardown; it doesn't have to be a complete teardown, BTW.
For now, the biggest question is 49cc or 72cc actual displacement? Using the factory specs, 8.8:1 nominal compression ratio (and that's for the 72cc motors) a Z50 engine should have ~5.5cc combustion chamber volume, with the piston at TDC. Any compression tester fitted with a hose is likely to have more volume than that inside the gauge + hose assembly...and that leads to inaccurate readings. With my gauge setup, a freshly-rebuilt Z50 will top-out around 130-135psig, cranked by hand. Frankly, I don't use a gauge very often. If there's a valve or ring sealing problem, it's obvious to me. Full compression...for practical usage...can be checked well enough by hand-cranking the engine over. 72cc will deliver a sharp spike of resistance; 49cc still fight back just not as hard.
Leaky rings will manifest as oil smoke or/and an oiled spark plug. A leaking intake valve (and it's usually the intake valve that wears out) will manifest as a blackened intake port. Weak compression feel paired with either (or both) of those conditions will quickly tell you where the problem & solution will be found.
Take a close look at the cylinder jug. Displacement markings were part of the original casting detail...LH side, last fin. Pull the intake manifold; 72cc heads, of this era, have a ~22mm port ID. Z50 intake ports are tiny, by comparison.