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 - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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