First thing I'd do is check the ignition timing. Also the verify the centrifugal advance is working. (Timing at idle can be right on, but if the centrifugal is stuck timing can be off by 30 deg or more at governed RPM. This will rob a LOT of power.)
Next check the carb power mixture. If the carb has a high speed mixture screws turn it OUT 1/2 turn at a time and see if this helps. Or if the carb has a fixed high speed mixture, try gradually pulling the choke while under load. If you get a bit more power with the choke slightly closed, the carb needs attention.
Finally check/adjust the valve lash with the engine warm.
If none the above gives no improvement there's a more serious problem going on (low compression, etc).
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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