Are you getting air bubbles in the fuel inlet to the injection pump? Any fuel leaks? How old is the fuel filter?Andrew
have you already checked the timing?have you ever opened the pump?changed the governor?does it smoke a lot? If no, the - the fuel screw may have backed it's self out over time and is just loose now rapidly speeding up that process. Check to see if that nut (that is supposed to lock it) hasn't come loose.
similar pump but for more cylinders obviously. But the fuel screw is in the same location and i circled it with yellow. It's on the head side of the pump. should have a colored collar on it (probably fairly grubby though)the more i think about it the more it sounds like the waste gate is stuck open. or blow off valve... but most likely waste gate.