This is what I would look at!
1) Is the engine putting out the power when Need? ~ I could be a) belt slipping~ is the spindle clean/do we have an OEM belt/is the tension correct/by chance is it on wrong?
2) Could the load be increased due to some reason? ~ Spindle bearing going or gone/shaft bent/spindle bent now causing extra stress/belt on wrong and then the two blades working against each other/is it an OEM belt/tension on the belt?
3) Check the fuel/air filter~ just not getting the volume it needs under load?
4) "Wondering if a different style of blade...such as high-lift, or even mulching...would help..." ~ Blades are cheap, try a set! Follow the marking on blades "This side towards Grass"
5) "will switching to a thinner synthetic oil boost the power output at all" ~ please Check the Manual for Honda on what you are allowed to use! But yes on my old JD it gave me good 20% increase in power and a lot less heat, I did go full Synthetic.
6) So you have the blade speed? I do not know how to check that! Ho yes are the blades Sharp? Just checking....LOL
Please do only take all above as just a Suggestion, and take it as "If this is me, what I would look at?" On the sticking grass, Scrape out the deck and then spray/paint the deck with old used oil works for me.
Good luck, I hope something helps. :thumbsup: