Mixture....
In your plug reading, it does seem rich. Especially if you smell them and it's gas. If you see water droplets, then you may have a cooling water leak at your jacket.
I've also got question as whether your accelerator pump is working properly. If you remove the black cover box on the flame arrestor and expose the bore of the carbs, look inside. You'll see a small brass tube, about 1/4" to 3/8" long. While looking into the carb, grab your syncro bar and pull back on it gently. You should see a squirt of gas from that tube. As soon as you see it, stop. Because with what little gas is built up, you'll need to reserve some to look into the other carb.
So check them, make sure your accelerator pump is working correctly (or at all).....this is common with bogging.
The other thing common in bogging down an engine is a stuck RAVE valve. When is the last time you checked them? You may need to clean the deposits. If one or both are sticking, then it will allow the compression to be lost in the engine as you try to accelerate. I'd check the raves first, since they are the easiest thing to get to. The PTO, being the easiest, that would be my first one. The mag side is a bit more involved in removing. But DO NOT try and remove the exhaust to get that one out. Let me know and I'll tell you a trick in removing it.
Go to my thread in the boat section, called "a look inside the 787". Scroll through the pages and look for the post I made on the RAVE. You'll see the difference between and dirty and clean RAVE. The pix came out good.
GOOD LUCK!..................:cheers: