Everything you have posted so far points to a fuel problem. The presence of spark when it quits would indicate that the ignition system is working OK. However, rechecking the points gap would be recommended at this point - just to be sure. The fact that choking will get you back to the shop indicates that it is going excessively lean under load. To me, this would indicate a restriction in the fuel path somehow. Restricted needle and seat, clogged main jet, or something restricting fuel delivery. I would check the level in the float chamber when it quits. Too low would mean it is not getting fuel from the tank, pump, or lines. If it is at the correct level, restriction has to be internal to the carburetor. As to a sticking exhaust valve, I would think that there may be a possibility there, BUT a sticking valve would have one major effect. That would be loss of compression accompanied by loss of vacuum to draw fuel through the fuel system. Therefore, in that case, choking would amplify the problem. Less vacuum, less fuel. Should be easily diagnosed with a vacuum gauge. Taking it to the shop might get it fixed, but might also end you up with a big bill and not fixed anyways. I think you are on the right track in looking at the fuel system. I would first do some checking with a vacuum gauge and a fuel pressure gauge. See what is happening when it quits. After that, it might be a good idea to take the carb completely apart and clean out everything meticulously. Or, in the worst case, replace the carb. Also, as a thought, anything that you can prove is NOT the problem is a step closer to what IS the problem.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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