Resolved! It was certainly an engine wear problem, with a whole raft of things working together. I think the main issue was the inlet valve guide wear. So, as in the previous post, it was bored out to the maximum (+40) because the cylinder had become mis-shapen. Oversize piston and rings provided, and new valve guides fitted. The existing valves were re-faced and the guides reamed to fit, and the valve seats were also re-cut.
I also fitted a small end bush, using a hand reamer. It all went back together yesterday and started well.
Looking back on the many years of frustration with these beautiful old machines, I regret never having done this before!