Im gonna put my money with JohnC on the stuck injector rack.... Sorry willie,, ha hahhahaha,
well perhaps the rack was stuck, letting too much fuel in throughout the entire throttle range, as i had originally thought.. But first, I found the air box drain tube someone told me to check. It wasn't beneath or behind the blower, it was on the opposite side of engine hiding low behind some piping. It is open and blows vented gasses... If someone had called it a crankcase vent tube I would've found it faster.... It was a warm day for once and I fired it up on low throttle after being under the valve cover and manually moving the governor/rack linkage rod like someone here said. I couldn't get the pin out without fear of dropping it into the engine, quarters are way too tight to get at the top of the motor. Had a bad enough time just to get the valve cover off due to the excavator's house being so low. Anyway, I moved the rack linkage up and down as much as it would let me.
Fired it up, propped the rain cap wide open, and although still way too thick of a smoke it let me reach 1/3rd throttle without hitting smokescreen mode... I kept working the throttle up and down between stop and 1/3rd, watching the rack/governor linkage move slightly up and down next to the rocker arms ... Got the engine up to 185* and it still would go into a bad smokescreen beyond 1/3rd throttle and die out.... It had about 5 gallons of fuel left so last-ditch final frustrated effort I dumped a gallon of gas into the mix... Go or blow... The smoke eventually went from black to gray and as I kept working the throttle up and down the smoke and power response started to improve at increasingly higher throttle settings. I kept moving the throttle up and down quickly and when I finally got it to respond without too much smoke at 3/4 throttle, it suddenly jumped to life with a roar and puked out a ton of smoke and crap and flame. Then the exhaust cleared up nice and it ran like a tiger once again. Filled it with fuel and away we went back to work. Whatever the problem was, the 'cleaning solvent' apparently did the trick. If the rack hadn't got stuck maybe there was carbon that broke free to cause the affliction? Don't know if carbon could have created the powerless smoke-puking symptom, but crap did come flying out of the stack. Guess we will never know for sure. I'm happy it's running fine again. Thanks for everyone's advice, tips, and knowledge. Next stop, change to 40W ...