Before you start buying anything-
(This assumes it doesn't start 4-stroking as it cuts out, although that would be pretty unlikely)
Take the air filter off. Blast the bike up to full speed. The moment it cuts out, reach down and give it a quick shot of QuickStart in the carb. If the bike starts pulling again when you do this, then it's official- it is leaning out. (Yes, it is possible for it to be leaning out even with the black plug because since it's getting too lean to run, the blackness will never get burned off). So IF this ends up being the case, start messing with the carb (someone already mentioned engine vibrations spashing the fuel around in the bowl once it hits X rpm- try squeezing the carb with your hand to dampen the vibrations).
If the QuickStart didnt change anything (assuming the engine doesn't 4 stroke as it cuts out) then I'd go straight to the ignition and check that.
About the piston slap- I'm guessing it isn't a big deal because if you had conpression problems the engine would actually PREFER the higher rpms (less time for stuff to leak), but-
If it's just enough gap that the corner of a sheet of office paper can get down the side, then it's not a problem. If you can fit like 2-3 layers on top of eachother, THEN you might have a problem.
If the gap is big enough to actually be making your engine run any differently, then there would be scoring and aluminum rubbed all down the cylinder walls.
Taking out the piston pin-
I have no idea how one is supposed to get a big ice cube into the little piston pin cavity, i can't imagine that working too well.
Here's what I do- my vice has a little hole on one of the jaws, otherwise you can use a wood block with a hole in it.
I line the pin up with the hole, and put a little bolt up between the opposite end of the pin and the jaw of the vice. Crank the vice closed and the pin gets pushed out through that wonderful little hole.
EDIT- just saw the date, I'll leave this up incase the guy is still having this problem