Lots of good discussion here.
mooboy, I also agree that your problem is probably not engine wear but something else like a gunked up carb or something dragging on the motor or blade, etc ... giving you the impression power is down.
More to your original question: Yes, I think you can increase the service life of engines by over-maintaining them ... although like a couple others here, I am not sure using a real synthetic (PAO, polyol, etc ...) is even necessary. I'd rather have a stout additive package (ZDDP, boron and/or moly) than a synthetic base oil. I feel the only time synthetics are really worth it is colder temps (easier starting, better initial lubrication).
Think of used oil in these engines with no filtration: the oil is full of metal particles ... a very abrasive slurry. I have to think frequent replacement of this contaminated lube helps prevent wear, especially during the first 20-30 hours of use. This should reduce wear, not only to the cylinder wall and piston rings, but also the cam lobes, main journals, etc ...
Synthetics are better in high temps, but you could also increase your high heat protection with a step up in grade (viscosity) if this concerns you greatly. Their best applications, however, are in really cold weather. If it never gets below 40F in your area, I'd skip the synthetics and go for cheaper, mineral-based lubes and drain them more frequently.
I agree whole heartedly with other preventative maintenance ... especially the air cleaner. I use chain and bar oil in foam elements as it contains more tack additive than plain engine oils. I squeeze the element in a clean paper towel to remove the excess oil. I'm not sure a little trickling into the carb over the hours will hurt anything if I'm wrong.
I think Cujet or someone else posted a rating system showing the expected/rated life of various engines here. Not sure how you'd try to find that old thread. Anyway, I think they were rated as for how long they stay within emissions profiles. Of course, they'll soldier on long after that.
As we have discussed here, most OPE engines will be running fine long aftre the rest of the implement has suffered some significant failure to the point where repair is not eceonomically feasible. Our John Deere snowblower has reached that point. B&S (Tecumseh?) I/C engine still runs great, burns little oil but the ribbon-auger is bent out of shape, most of the controls have been replaced at least once, the case has cracks in it and has been re-welded once.