I assume it WAS running good at one point - what, if anything was changed between then and now?
Any "fixes" done? New parts installed? adjustments made?
In the unlikely but free to test category - make sure the brakes are off. Tow it slowly and see if they're working ok - and not seized up. While doing that might as well put it in gear with clutch in - make sure there's not something weird going on in the drive train, putting the engine under stress.
Assuming that works - my first guess would be that perhaps it's running a too lean. No harm in richening it up to test. (or perhpas already too rich and needs to be leaned out - but i'd guess the other way around)
Then I'd check the spark. Not all sparks are created equal - make sure you're getting a solid 1/4" blue spark. on each wire.
Try running it choked - see if that makes a difference - if so you know it's fuel flow relate.
I'd also think about the governor. Perhaps it's not opening the throttle (enough) when under load.
After that I'd start wondering about ignition timing.
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