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If it died and didn`t crank then you probably had a seizure of some kind due to the lack of oil. There`s a very strong possibility that you`ve damaged the crank bearings to some extent which means a full strip down and replacement of probably the crank, bearings and seals, maybe the oil pump as well and possibly the camshaft and bearings have some damage. If smoke was coming out of the exhaust then also a barrel and piston/rings along with associated gaskets.
Then there is the rollers and probably a new variator assembly and a belt.
I can only echo what people have said above, if I was in your shoes I`d start looking for another engine, although depending on what you paid for the bike and the condition you describe it as, I`d be tempted to right it off as maybe spares and look for something which has had a bit more care and attention given to it.

The redline is basically the maximum amount of rpm that the motor can achieve without significant damage taking place. It is determined by the manufacturer, and is worked out by taking into consideration the build quality and the balancing of the components as a whole. On a four stroke engine the first thing which becomes apparent if you go too far through the redline is that the valves will start bouncing. This is when the valve springs start rebounding against themselves, sometimes causing the valves to hit the top of the piston.
On a 2 stroke the problem is more likely to be the balance of the crankshaft/conrod assembly, where exceeding the maximum amount of rpm too often, has a tendency to bend or snap it.

Easiest way is to put the new fully charged battery in the scoot, then when the scoot is running, measure the voltage between the positive (red) and negative terminals on the battery.
Should be about 12.5-13 volts at idle. Put the lights on and voltage should stay the same, rev the engine and voltage should go up to about 13-14 volts.
If you have that then the charging system is working within limits. If not then you can start looking for the source of any problems.

It looks like I`ve got a bad flasher unit, checked earths and ran a different power lead to the indicators and they come on, so basic circuitry seems ok.

Yep I think the flasher relay will be the next port of call if the earth seems ok

The battery eliminator sits in place of the battery, wires in the same, effectively it`s a capacitor which stores a small amount of charge. It`s fed by the red wire from the reg/rec which would normally feed the battery, so would the voltage still be DC ?
The flasher relay should be DC I think, as it used to work off the battery without the engine running.