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Perhaps a valve float problem John? From your troubleshooting so far, I think the carb can be eliminated. Any misfire detected - were you monitoring the ignition on a scope?
The piston drop, if the carb is mechanically eliminated from that problem, is simply an indication of airflow decrease.
Even a weak fuel pump could cause this. I have noticed over the years that one bowl always empties before another and that would drop power, produce the lean and lower the piston too.
Just some thoughts anyways.
Rhys
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