It sounds like a pick-up problem to me, like the pump's sucking all the oil up to the top when you wood it.
The other problem could be a lot of things, dist. curve, valves out of adjustment, timing, I'd put it on a Dyno, and get a complete tune-up before I started snatching parts out though. I have a friend over there that has a mobile Dyno, and I don't think she charges that much. I'll e-mail her & ask if you like. I think she's in Henderson and does all the shows.