What's the fouling look like. Wet and oily is loss of oil control in the rings or possibly worn valve guides. Since you say it runs ratty under load, I'd suspect the rings. Valve guides leak oil mostly at idle and low part throttle when the manifold vacuum is high.If it's black and sooty, the mixture is too rich. Check the carb adjustments including the float level.
What does the spark look like? It should be FAT AND BLUISH-WHITE, the color of lightning. If it's not then check the point setting, the point condition( burnt, corroded, oily). Make sure the timing is correct and the advance is working. Check the distibutor bushing/shaft for wear.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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