UPDATE 2
Figured I would try to get the revs up, so drilled out the top rivets on the primary weights.
Test drive, and the revs were better .. hitting around 8000 before bogging.
So .. I thought maybe reed valves were suspect .. so got into removing the carbs
Reeds looked brand new.
Figured since I had the carbs off, may as well strip them down, and make sure they were good to go.
Well lo and behold, one of the carbs' main jets had loosened off and was just hanging in the ring.
Eureka me thinks. When the carbs were on the low speed circuit, they would run fine, but when the high speed circuit kicked in, it would flood the cylinder since there was no jet to meter the amount of fuel .. with the jet bouncing around, maybe occasionally blocking the orifice to kick the affected cylinder back into firing.
Finished cleaning all the carbs, put them back together, and test drive.
At first I had a S#$T eating grin, because I thought I finally had it figured out. Then despair.
After numerous test drives .. this is what I have come up with.
It seems to be heat related.
I would leave my driveway, go down the road to the test field .. and it would pull hard on the first pass. 8000+ rpm and sounding great.
Then on the second pass, when it seems things have warmed up, it would go back into bog mode. Same as before .. great at 1/4 throttle, but once I opened it up, it would pull then bog. From a standstill, if I hammer it, it would pull hard to 8000+ rpm, then after about 5 seconds, go into bog mode.
When I brought it back into the yard to look at things .. plugs, belt, clutches etc .. while it cooled down a bit, then back to the test run ... same results. First pass .. great .. then the next passes, bog city.
Gonna do some googling ..
What are your thoughts.