I have an old Cornelius chrome spigot that is quite old, and in very good shape, at least to look at. I got it from an American Legion in Pittsburgh and the marker on it was for Duquesne Heavy-Dry which was brewed in the early 40s. This is an indication of at least how old the spigot is. I replaced all the washers and other seals. It shuts off fine, doesn't leak, but pours a stream of beer about as big as wooden kitchen match. The faucet shaft is not the same as the one pictured at:
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but it appears to be the correct shaft for this spigot. I can scan the shaft that I have and email it to anyone who thinks they might have an idea of what is restricting the beer flow.