Thanks! Pulled it and checked OK. Also the gaskets at both ends of the manifold are good.
What Scrubcadet10 is getting at is you need to spray something flammable around possible leaking areas, checking for vacuum leaks, engine running.
If you spray fire juice and the engine fires off for a short period, there is a carb or fuel delivery issue. On a 15 YO mower, I would flush the tank. Make sure you have fuel flow AT carb inlet hose.
If the rings are worn as you describe, it wouldn't try to run on spray juice.
I would pull the head. Might have an exhaust seat floating around where it shouldn't be. Also check valve clearances. While you are there, per ALL engine manuals, clean carbon from cylinder areas AND dirt, oil, bugs and so on off the engine cooling fins all the way around the cylinder. Floating exhaust seat will cause low to no compression.
Test the compression. You need, air, fuel, spark and compression. Go back to the basics.
slomo