I've mowed with some that nearly killed the engine. And around 1987, we had to put what I call a power strap on them. That was a bungee cord connected to the handle bar and the throttle lever directly. As in running it wide open, with the blade on first. On mowed weekly grass, they would costs us time per yard no doubt. Bags wouldn't fill all the way and such. Owner of that lawn crew I was on got rid of them in 2 days.
On this one, I would remove and boil clean the carb. Dump the fuel tank out. Decarbonize the cylinder and valves. Valve adjustment and cooling fin cleaning. Give it the best shot at reviving some hp.