Is the exhaust in good shape? If the exhaust is rusty and has leaks, especially at the manifolds, the Y-pipe looses its ground and the oxygen sensor won't work properly. You need a scan tool to verify the oxygen sensor voltage when it acts up. If you don't have a scan tool, hook a jumper cable from the oxygen sensor to the battery ground cable and see if it acts up. Exhaust leaks before the oxygen sensor will also cause what you describe.
Outside of exhaust issues, you are probably loosing fuel pressure or volume. That engine only runs 9-13 psi of pressure, but requires a large volume of fuel to maintain power.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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