If you have used the WD 40, clean all parts, then use sewing machine oil, BUT, very little. and very very little in cylinder and connecting rods
Yes , check it again, find friction (The parts need to move smoothly ), gas leaks ( engine should be airtight )and fix. If the engine still does not run for long time, increasing the flywheel size can be solved
Reducing the weight of the bars and connecting parts - your engine is very very low power, it is not necessary to make those parts too heavy , or big
************ If I remember not wrong, piston you made of aluminum?
If so, you can reduce a little piston diameter with 1000 sandpaper (I'm not sure how much it should be, because I don't have the accurate measurement tool measure it). Only a few rounds when you rotate the piston around sandpaper and retry the engine, Do this last after you make sure the other parts are ok . I am not sure it will be right because I do not know the piston you have perfect fit with the cylinder, just a suggestion.