INSTRUCTOR PLT; ACCOMPANIED BY A TRAINEE; DECLARED AN EMER AND RETURNED TO LAND AFTER LOSING PWR.

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MY INSTRUCTOR AND I COMPLETED THE RUN-UP OF THE ACFT. THE MAGNETOS MADE A SOFT; STRANGE SOUND. WE AGAIN CYCLED THROUGH THE MAGNETOS. THIS TIME IT SOUNDED NORMAL. BOTH TIMES THE RPM DROP WAS WITHIN NORMAL RANGE. NEXT; WE RECEIVED CLRNC FOR TKOF. WE TAXIED ONTO THE RWY AND PROCEEDED TO TAKE OFF. I BEGAN TO ROTATE AT 55 KTS AND THE PLANE DIDN'T SEEM TO WANT TO LIFT OFF. I GAINED MORE SPD AND THE PLANE LIFTED OFF. I BEGAN MY CLB AND THE PLANE FELT SLUGGISH. I CHKED MY AIRSPD AND NOTICED IT WAS FALLING. MY INSTRUCTOR ASKED IF I HAD FULL PWR; AND I DID. SHE TOOK OVER THE CTLS AND CALLED THE TWR WITH AN EMER. WE WERE CLRED TO LAND. I RAN THROUGH THE CHKS AND ASSISTED HER WITH THE EMER LNDG. WITH REVIEW; WE FOUND OUR FUEL FLOW HAD DROPPED TO THE BOTTOM OF THE GREEN ARC. IT WAS AROUND 3-5 GPH. THE HUMAN PERFORMANCE WAS VERY EDUCATED AND PROFESSIONAL. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR STATED THAT HE HAD NOT LEARNED WHAT MECHS FOUND WRONG WITH THE ENG; BUT THEY EXPECTED IT MAY HAVE BEEN DUE TO A CLOGGED FUEL LINE.