Low power can also be atributed to poor ignition advance.
Rusty flyweights that are not allowing any advance, or are limiting advance, can cause this.
When you check ignition timing, check more than just BASE advance.
You'll want to see if the progressive advance meets OEM specs.
If not, then there is part of your problem.... if not all of your problem.
With your OEM specs in hand, run the RPM up to near your full-in advance RPM.
Strobe your timing marks.
Jot down the progressive advance degrees in increments of 300-400 rpm, or so.
Plot this out in graph form.
Compare to your OEM specs.
You should see a linear curve of advancement up to the limit RPM.
At the limit RPM, you should see no further advancing.
You should also see no mechanical advance until above 900-1,000 rpm.... only BASE advance below this rpm.
.