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 - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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