Fatjay I have a jubilee with same about the same size engine, 134 cubic inches I think. Yours is a Continental. In the summer, I can crank my main jet in to lean engine. Have to crank main jet out in winter. I use my tractor in summer to mow with, 72 inch woods finish mower. I run it at 1800 rpm's. I even purchased an exhaust temp gauge and leaned it to peak. When properly adjusted, my spark plugs look like new, white as snow. Problem is with running an engine lean, on hot days, better let it cool off a few minutes before turning engine off or it will diesel, want to run backwards. If I weren't lazy, I would turn the gas off and let it run out of gas.
Don't really know what my fuel consumption rate is. I can say it doesn't use any more gas mowing the same yard as my 23 hp briggs would use on a 48 inch mower.
When I was looking to buy a backhoe a man told me I couldn't afford to operate his ford tractor with add on hoe. I ended up getting a terramite, 20 hp gas kohler. I can operate it on less than a gallon per hour. Got another terramite with 20 hp honda. That is even a little better on gas.
Bottom line, the fuel consumption on my Jubilee goes down with load. In winter, I push snow. Very little fuel consumption. If your plugs are not white, you may be burning oil or carburetor is rich.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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