SA-200 Lincoln welding machines (F-162/163 engines) are set at the factory with the RPM's at 1550 -No Load. At these RPM's the OCV (open circuit voltage) Maximum is 93 ocv.
Over the years I have seen welders wear out a set, or multiple sets, of wrenches trying to tune their machines to "Perfection" and I must admit I was one of them. I have owned several SA-200 machines and can honestly say that none of them welded the same. My approach to a "new" (used) machine (eventually) was to set everything back to "near" factory settings and start there. To do this you may need to purchase the manual(s) for the model and year machine you are using (Lincoln web site). These manuals will help with the engine settings (carburetor, linkages, etc).
Lowering the RPM's (carburetor) will lower the OCV's and vice-versa, but in my opinion, this doesn't allow the engine to operate normally and the manufacturer set it there for a reason. 1550 RPM's turns the generator at optimum performance, according to Lincoln, and by altering the RPM's the generator is not rotating as it was designed. Also, by adjusting the governor to obtain higher or lower OCV's , or higher or lower RPM's, this can cause the engine to under perform or over perform under a load, which is not desired. Keep in mind, that adjusting one thing can sometimes un-adjust another and before you know it you will have worn out that set of wrenches.
If the engine is operating at 1550 RPM's and the OCV's are slightly under 93 (checked a the lugs), I would recommend leaving the machine alone. If it is still not welding as desired, clean the main armature (commentator) using the appropriate cleaners (check with local welding suppliers) and check the main armature brushes. You may want to install new ones just because?! If the RPM's are at 1550 and the OCV is over 93, then the main armature may need to be adjusted. I strongly suggest getting a professional for this task.
These machines are great machines and will last a welders career, if properly maintained and cared for. They are easy to work on (compared to the new age machines) and there is not much that can go wrong with them. However, as I mentioned above, Lincoln set these machines based on their design for optimum performance just as an automobile's engine is set at the factory.
Side Note: Have you thought of changing the main seals on the "good welding machine" to get it back up and running? How bad are they leaking? Front seal or rear seal-or both? Changing them out is not to difficult if your familiar with this sort of thing. Also, it often said "if it ain't leakin, it ain't a Lincoln"! (Haven't seen to many that didn't leak a little)
Hope this gives you some direction