Does this have a Rosamaster / Standine injection pump? If so, a common failure is the plastic governor weight ring. when it fails, plastic bits clog the fuel return on the pump and cause this kind of erratic running. Remove the inspection / timing cover on the pump and see if you have what looks like grains of sand in that opening. If you do, that will be the same bits of plastic that are clogging the return passage. Fix this soon, as a totally failed governor ring can make a runaway that could blow up the engine.
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