743 V1702 governor

[DirtdiggerDan]

Bought a 743 with a V1702 and it runs great at idle and full throttle, no blow by, no smoke, checked compression all cyls good, changed all fluids and filters. BUT, when going up hill at full sticks forward it starts bogging down to the point of wanting to die. If I let off the sticks it will catch back up. I believe at this point it may be the governor not working correctly. I read in an old forum post about adjusting the governor with a screw on front of the timing cover, turning the adjuster bolt out 1/2 turn at a time or until the engine starts to smoke. There is a long protruding hexagonal bolt out the back with a plastic cap on it that I assume is the adjustor (shown in attached manual pic but not labeled). I cannot locate any info on governor adjustment. Should this be done while the engine is running or not? Or at all? Are the springs worn or something wrong with lever or centrifugal ball bearings / plate keeping the governor from working properly or just it needs adjusted with the bolt?