Hey Kamper,
Does that old snowblower have a Tecumseh motor? If yes the problem might just be in the governor control. Tecumsehs used a plastic governor spool and they would wear very quickly if you didn't change the oil frequently.
You can tell if the rings are worn by just removing the cylinder head and looking down on the top of the piston. If it is covered in even light grey carbon everything is good. If the center is carboned but the edges of the piston are clean oil is blowing by the rings. The blow by oil burns off the carbon around the edge of the piston as it burns.
For all you people with snowblowers here's an easy tip that could save you a lot of aggravation, before you start the motor pull the engine over by hand with the blower control engaged. If it pulls over fine go to work, but if it jams you probably have ice or debris freezing up the auger or fan. It is a lot easy to pull it over once by hand than to replace a broken belt!
Peter
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