Nice looking tractor and a fellow West Coast CCer to boot. Not many of us on the left coast.
I would check the pulleys as others suggested. You will be amazed at how a dragging bearing will take down a engine or cause the belt to slip. I would also remove the top cover on the deck and check the belt and idler. The idler bearing could be dragging which would have the same effect. Check your spindles for play while you're in there. This equipment isn't new anymore.
I have a 1000 and a 1450 at my place in California. I grew up mowing on the 1000 in Illinois. I am happy to have a couple of workhorses on my property.
Bob
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