I'm all for changing plug wires if the old ones are old/inadequate. Bad plugs, and more so bad plug wires can cause a whole slew of problems that are hard to diagnose.
However, in this case the problem is only when the engine is under load.
You have to ask yourself what's different when the engine is working harder.
To me - that points more to the governor first - carb second.
If it's sparking at no load, even a weak spark SHOULD be ok under load... Again, definitely worth changing plugs and wires if they're old just to be sure.
But under load the engine slows, and the governor opens the carb for more air/fuel to bring it back up to speed.
If that doesn't happen correctly, the engine's going to have trouble.
You've probably check it over, but since you didn't mention it, I figured I'd throw my two cents in about it just to be sure.
Of course, if the governor is working fine, the carb still has to be able to deliver the fuel/air - but sounds to me like you've checked that area out pretty well.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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