It's not that plate, but that plate also guides your oil pump drive chain. It's more than likely the same as the 86/87 200X and should be installed.
You probably remember or have read about how to test rings? Pour some oil in the plug hole and retest compression, if it increases, the air/fuel mix is getting past your rings. Are they installed correctly, with the right ring gap? Sometimes rings are a size too small in this day and age.
Does a fresh top end mean it was measured in a few places, honed or bored if out of spec, and a Honda/Wiseco/Arias piston and ring set installed?? Or is this a turd just slapped a piston in with Amazon parts (no offense intended at all, but it's near impossible to help without knowing every aspect).
It's a 4 stroke, no oil should be coming out of the exhaust whatsoever, could be blow by or leaking valve seals. Bubbles sound like you are compressing the crankcase below the rings. When it runs is there a pulse out the breather tube?
And that thing shouldn't vibrate at all, it has no counter weight. Are all the motor mounts in place and the bolts tight? You definitely have some engine issues.
All our government does is distract us while they steal from us, misspend our tax $ and ruin our country