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Have you checked valve clearance? Also, have you checked your timing? You might have a sucked valve also. On my '73 1.7l I had what you are talking about. It revved freely when under no load, but as soon as it was put under load, it was like driving with about 10 horsepower, especially when full throttle. My car did have carbs on it, but I don't think that would make too much difference.
It had a sucked valve, and eventually started burning oil.
Hope it helps, and hope it isn't a sucked valve.
Paul
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