Before you open it up, check the two relevant adjustments you can make from the outside. Ont he left side, loosen up the clevis that connnects the governor arm to the rod to the carb. Push both as far to the rear as you can, and adjust the clevis if you need to so that it all goes back together in that position. The other is to loosen the jam nut on top of the bolt on top of the governor and back the bolt out a little bit. Start the engine and, if it doesn't run righth waya from you, let it speed up some. If it's better, try backing that bolt out some more to see if it has any direct effect.
If these don't work, you'll have to open her up, Be careful at first to leave the drive gear in place. (I usually advise getting and leaving the engine at TDC, before even getting into this, and if you can't see the marks on the cam and governor gear to get them lined back up, make yourself some sort of oil-proof mark -- BUT it's easier to leave the gear in place if you can.)
You're apt to find almost anything. Could be a bad spring on the link to the arm that runs over to the carb lever. It might be a bad spring that rides inside the shaft, could be the ball bearing assembly is shot (if the spring loses tension, the races of that bearing could open up and all the little balls fall out!).
I'd be interested in knowing what you find. Keep us posted, please!
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