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 - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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