hmmm. its unusual to have one cylinder that is less worn or whatever than the other though, unless you have a broken or stuck ring.
i presume 126's share an inlet manifold so it cant be carb setup, might be worth trying a new dizzy cap for the sake of a couple of quid they can crack an stuff. although i guess you have tried reversing it which i presume is possible.
im afraid to say if nothing else works its probable that the head is warped, check your oil for water again.
oh another thing... tight tappets might cause the valves not to fully shut. if you have replaced the cylinder head and not redone them (i know it sounds daft but its easy to forget) that could be a cause.
hope this helps tell your 126 to get well soon from moi!
Tommo