When running, it varies in ram's with the occasional backfire. Is there a way to check the timing?
If this is something like a model 130202, sounds like it could be a little lean on the fuel. Check the small stuff first before going all in on what may be a minor issue. I'd turn the fuel adjustment screw counterclockwise about 1/4 of a turn and see how it runs there. Make sure the air cleaner is on it too.
If no improvement, you can move on to checking into a few items, like the flywheel timing key, air gap setting on the coil, spark plug, carb diaphragm, valve lash, and if the valves are seating properly etc.
Usually when one starts to lean out like that, it means there's likely something clogging a carburetor passage or the diaphragm is getting a little stiff with age. A new diaphragm and a few shots of carb spray would be a good idea regardless. That and a quick lapping job on the valves is basic maintenance on the old flat heads.