Quick update - coil has arrived and is fitted but while it revs much better without choke, the problem remains, it will only take maybe 70% throttle. I've been a little short of time of late, but will get into valve clearances etc next.
These things rarely have any valve adjustment issues that will prevent them from running or running just fine UNLESS someone has been in their monkeying around.
If you hear one popping out of the intake after it gets up to even slightly past a slow running speed then you can guess that the intake valve is adjusted to tight but that's because somebody messed with something.
These engines don't wear tight like car engine still.
When they wear and when they haven't been adjusted in their entire life etc you will find the clearances are three or four times what they should be but as long as you can get the engine to start and get past the correct compression release issue as it cranks, it will run just as perfectly as any other engine.
You would have to try to miss adjust the valves on one of these to cause a running issue or a specially a revving up engine issue.
The other valve train problems are not adjustment or wear issues at all but rather lack of proper assembly and safeguards when they're put together normally from a rocker arm stud loosening up and things getting out of whack with the angles or bending a push rod also.
The other common valve train issues are when a valve guide slips mainly from overheating because of grass and dirt and greasy grime build up on the cooling fans of the engine but in reality, more because it's a lousy design to begin with!
They pressed these guys into the heads so poorly and so loosely that a machinist and a machine shop who routinely sees car engine heads with just roll his eyes and shake his head at the poor setup.
They could have solved this problem over 20 years ago but they don't care because they don't mind when they fail and they don't mind selling replacement heads because that's the shops answer to everything is throw new parts at it.
I have NEVER replace the head due to a slipped valve guide but have fixed many.
They could have used several methods to fix this problem the easiest of which would probably have been to pin them.
But anyways, when this happens you'll get that pushrods and valve issues and usually a Pop-Pop here and there and then it won't start again.
I think you're going in the wrong direction worrying about the valves right now but I don't know if they've been adjusted properly before or not.
If it seems to only get up to 70% of proper operating speed and especially if it's leaning out like starving for fuel because it's either leaning out or it's bubbling and running extremely rich and coughing a little bit and maybe blowing a little bit of black.
Most commonly they starve for fuel though and this boils down to still a carburetor restriction in the jet.
I forget after all this time and comments if this is a walbro for a Nikki carb but after just saying this I remember it's a twin so it's not the same carb as the singles where on the Nikki people often put the jet in the wrong way I call it or at least the worst of the two ways you can install it and it often falls out and then the machine will run but excessively richly.
From but I remember you can also have the same problem with the jet falling out on one of the twin engine carbs.
One of the common one has two jets.
Regardless, to troubleshoot this now I would use my hand or a folded shop
cloth or microfiber towel to slightly restrict the airflow going into the carburetor as you try to rev It Up or even get a spray bottle with some gas in it or use some carb cleaner to slightly spray or even trickle a little bit of gas in there when you try to rev It up to see if by giving it more fuel it will rev up higher and smoother.
This is one way to confirm that you need more fuel and there is a restriction somewhere in the flow and the atomized mist getting through the carbon into the intake.
Also, have you cancelled out cylinders while this thing is running to make sure it will sit there and run on each cylinder independently?
This is very important because you could just have a very weak cylinder now not producing much power.