Today the engine revealed its weakness to me.
At idle it's perfectly happy, compression on all cylinders is good, ignition is putting out a long blue poppy spark on all the dizzy points, carb is working like it should, put in a fuel pump set it at 1.5 then 2 lbs still having same issue.
I pull the top of the carb off and make sure the float level is right on the money and it does exactly what it's supposed to do with 2lbs of pressure.
The intake is cold from the venturi affect but no ice or crazy stuff like that.
Then it pops into the carb, aha now we're getting somewhere. I get it to rev up and I'll be dammed if it doesn't start pushing fuel up through the top of the carb into a cloud at the throat and slightly above the carb. You can only see this with a flashlight aimed across the top of the carb. It pops again and the fuel cloud is more noticeable.
All this leads me to believe it's an intake valve not sealing due to carbon, burned, or a busted spring. It's doing just fine at idle or under no load and shutting but when it's asked to slam shut under a little RPM no dice.
So I thank all the people who made suggestions and helped me out. But after all the changing and checking it's a physical problem and the engine has to come out for some R&R. The bottom end is good so that's a relief. I did have a chance to see the inside a little better and was pleased with the standard bore, original timing gear, and camshaft. The intake/exhaust surface is perfectly flat. There's alot of good stuff still in the engine it just needs a valve job. While I am at it I'll put in my Touring cam and adjustables. It was time I guess.
I would like to especially thank Pat in Santa Cruz for helping me and offering to come over.
Tim