check oil level CAREFULLY, smell it, float needle in carb not sealing is my bet, gas continues to leak into cylinder, exits thru the rings into block or thru an open engine valve out the exhaust
could be rotting vacuum hose, insides of hose collapsing and blocking vacuum to pump or the pump diaphragm is bad, OR are the hoses installed right positions
I had saME PROBLEM, the mechanical pump was culpret, small crack in diaphram, supplied enough fuel at low rpm to high pressure pumps supply tank but not enough for higher rpm"s. replaced low pressure pump and all is well