I actually had the same issue (along with a few others) with my Pevensey as whilst it ran ok, as soon as i hooked up something to the pulley i quickly found it couldn't pull the skin off a rice pudding!
After a lot of mucking around trying to troubleshoot the issue, i found that the slide valve was put in the wrong way!
So if anyone else has a Pevensey/Echuca with the same problem, your valve should be like this on the port face:
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One you have that set you need to make sure both port openings are equally spaced by using the nut to adjust the valve travel. If you have a reversing engine like mine, you may find you have to file some material out of the anchor quadrant if it won't run in both directions after altering the eccentric timing.
Hope this helps.