Thanks Joe And Grumpy,great info.
Ok model is 281707 type 0163-01 code 87062311 and as I said an 87 model. ok backed the screw in and changed the oil.Big difference.I guess when I said knock it was more a half knock half bang,as in a forced misfire,I was surprised it ran so well after so long when i adjusted nothing on start up.As for the carby yes Grumpy this is the one,although I dismantled this when i did the rest.the whole unit was stripped and cleaned and blown out.the bowl was trashed so i gave it a sandblast to get all the rust off,like new now,and no leaks that are visible.The knock is definately less and the missfire is gone,It blows absolutely no smoke which is surprising for its age.acceleration is quick and almost presise with virtually no lag,which again i found odd since the smaller briggs ive played with seem to hesitate on acceleration.And this system while youve stated it may be noisy,definatley works well as at idle and hi end it is very stable and smooth.
Thanks heaps guys,Your info has been awesome and well directed for quite a good outcome for something so old....Keep up the good work Guys!!!!