It sounds like electrical to me.
If it has fuel to run good for an hour it should have fuel to run all day.
Never assume anything. When it starts running poorly immediately get out of the seat and pull a plug wire and VERIFY that you have a bright bluish white spark that will jump at least 5/16". Short or yellowish spark will not do.
I'm thinking you might have a connection somewhere that is corroded or loose and after an hour it heats up and begins to lose connectivity.
When was the last time you went over the tractor and serviced all your electrical connections.
Take them all off one at a time and clean/polish the connector and the post. I like to use a 1/2" fitting brush for that. In fact I keep one in the tool box on both of my tractors. See photo
Remember the mantra: "Keep em clean, bright and tight."
You can also make up a jumper wire with alligator clips on both ends and when it starts to bad run the wire across the key switch to test it. Those key switches are not entirely robust and do fail. If that doesn't help it run better then use your test wire and go directly from the battery to the coil and see if that helps. Don't run it that way for more than 10 minutes or so or you will burn your points. If the running improves you know it is electrical and not fuel.
Sort out your electrical/spark FIRST. Only then go on to fuel/carb.
Edit: Remember, pulling the choke out will enrich the fuel mixture allowing even a poor spark to fire the rich mixture.