IF I'm reading it right, the lever pops back to the low idle (or at least a lower speed) position on it's own.
That suggests that your governor is working fine, but that either the teeth on the throttle quadrant or the tooth on the lever are worn to a point that they won't hold against the tension of the governor. NOT at all unusual. It comes from years of somebody just slapping the lever forward, letting the teeth ride over each other.
It may also be as simple as the spring on the hinge pin of the lever is weak, missing or part of it broken off. Look first for the spring. There should be a cotter pin holding a washer that keeps the spring compressed over the pin and against the lever.
It's actually a pretty strong spring for no bigger than it is. When you pull the lever away from the quadrant, you should feel a good bit of tension, that is used to hold the lever in the notches. Not sure whether CaseIH still carries it or not. If that's a problem, you might also be able to find one that will do the job at a hardware that has a good assortment of springs.
The other issue is wear. If the teeth/notches on the quadrant are rounded over, they may not be holding like they should. New, the serrations were flat/perpendicular at the rear edge and angled forward to the next. The tooth on the lever will often have a deep notch in it where it rides on the quadrant. Wear on either side (lever or quadrant) will cause the problem, and is often a combination of the two.
There's always the replacement option. OEM has them, I believe.
For repair, the notch worn on the lever needs to be welded in and ground back down to match the unworn area. The quadrant is a little trickier, as you don't have much depth to work with there, but a triangular file or grindstone can be used to dress them up some. Just keep the back edge of each notch perpendicular to the plane of the quadrant.
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