An engine with 1200 hours that doesn’t smoke or burn oil, has likely been well taken care of. I wouldn’t suspect is as being worn out. Based on your comments, there could be a restriction in the muffler. Or, my attention would turn to the governor. It may have some wear to a component internally, such as the ball guide or plate that covers the weights. The weights may be starting to groove the plate and are starting to get hung up in the groove.