Thx Norm K & Tyler

So I will start at :
1) Put new blades on (maybe running with no blade carrier is not so good for the engine and contributes to the high revving)
2) Governor Springs to bring revs down
3) Let it run for several minutes & observe white smoke (hopefully disappearing)
4) Few oil flushes with some year old 10W50 motor oil I have left over from last year
5) If need be, then the carby gasket/diaphragm

Wife now wondering if I can turn her old barrel vacuum cleaner magically into a Dyson stick vacuum.
What have I created ?

Will post photos when I can get to the mower.