Just had a similar problem with a 11hp briggs L head on a pressure washer that I bought for cheap. I went through all the normal stuff Plug, coil, timing, bent/sheared key, stuck valves, valve lash etc.
It would appear that the person that had it before me had someone replace the carb. They installed the wrong carb gasket and it was uncovering an air bleed hole in the face of the carb that should have been covered by the gasket.
The engine would surge at high rpm and spit / push air out of the carb past the throttle and choke plates and would run very rich at idle then stall. It was a fixed jet carb with no idle adjustment.
After many hours of troubleshooting then discovering the gasket problem and fixing the gasket the engine now runs like new.
the entire problem with the engine was that someone had put the wrong gasket between the carb and the intake manifold.
Good luck
Carl
This message was modified Jun 7, 2012 by carlb