STEVE - I really marvel at those pic's of the 100 in all that snow... "RAMMING SPEED!" That deep of snow would stop my BIG Farmalls!
JERRY H. - The conditions you describe, mowing up hill, sounds like you could be experiencing the exh. valve sticking, but I wouldn't call the change in exhaust tone "Rattling", but the engine does slow down. Running the mower and climbing a hill should take all the slack out of the driveshaft & PTO clutch. It could very well be "Pinging" or "Detonation" like Frank C. says because of the increased load going up the hill if it's very steep. Means you're running too lean. As a quick easy diagnosis step, I'd richen the fuel/air ratio a bit by turning the top screw, main fuel adjusting needle on the carb about 1/8th to 1/4 turn COUNTER-CLOCKWISE and see if you still have the noise.
Decarbonizing the combustion shamber like Frank C. says could fix it too. Most people remove the head and wire brush the carbon off, but I like using the "Water spray method", where you warm the engine up, run it around 1800-2000RPM with the air filter element removed and spray plain old tap water into the carb throat from a spray bottle. Be careful where the exh. outlet of the engine is pointed, hot carbon particles will come flying out. A pint or so is plenty of water to spray into the engine. Let the engine run for 5-10 minutes after you run out of water, then replace the spark plug with a new plug, change the oil, and see how it runs. The water won't hurt the running engine, it will make it stumble and act like it wants to die, but will clear up quickly. That way you have no chance of hard carbon particles or broken wires from the wire brush getting down between the piston & cyl. walls.
These old flat-head engines are prone to building up carbon in the combustion chambers, WAY too much surface area in them and stagnent air/fuel mixture flow which allows the carbon to collect.