A) Pop the head and take a look for carbon build up. Rotate the piston down and look for any damage to cylinder walls. You can clean any carbon build up (PB blaster works well) and lap the valves without a rebuild. if you don't see any scoring, then no boring is needed--just a nice hone if you tear it down for a rebuild.
B) Access the Tecumseh L-Head service manual (it's online). It'll give you a wealth of information including bolt torque values for the head you just took off.
C) Carb settings, carb settings, carb settings. If you get it running, you'll need to tinker (figure an hour) to get the carb right and that should fix the bogging down. Make sure the carb float is set properly (it's in the manual).
D) The governor operates completely opposite "normal" governors. You adjust it using the small tab at the top of the "C" shaped arm. You might need to make an adjustment (in tiny increments).
E) If you get this engine running well, you'll be impressed with the torque it puts out. Very smooth, continuous surge.
A couple of other look fors---the last two H60s I've opened up had their governor spools in pieces. If the engine revs too freely, you might have an issue with the governor spool. Timing may be slightly off as well, check the flywheel key first.
Hope this helps. I really like this engine, btw.:laugh: