Removing a Franklin Cylinder isn't hard but there's a few things unique to the engine that, if not done correctly, can cause some real headaches later on (like the fastener tightening process). If you go that route be sure to educate yourself or find someone who knows Franks - and can prove it.
The good news is, Rings are still available
Valves stuck closed will cause pushrods to bend. If someone tells you your valve is stuck *closed* and your pushrod isn't damaged - be suspicious. Valves stuck *open* are much more common. Compression test can confirm that easily.
Back when I was a newbie mechanic and hadn't kissed a girl yet, I worked for a few different shops. Almost always when a customer brought a complaint that could be explained with a cylinder issue they went right to the "pull-and-overhaul" recommendation. Most often it wasn't needed but hey, they get a lot of money for labor that way.
Before you pull it, do a compression test and check the interior with a bore scope. If the intake valve is sticking it'll be obvious when it's running. If the exhaust valve is sticking you could see evidence on the valve.. If the rings are bad, you'll hear air leaks in the crankcase breather.
check it before you yank it.
ya know, it could be just a bad plug

How's the mag check? have you tried swapping the plug to see if the new one gets oily too?