Ok, I took the plunge and pulled the governor. At first when it was still bolted in place I could see that the weight moved freely and I had that sinking feeling I just wasted a lot of time and effort. I removed the governor and of course the weight and spring just fell off as nothing holds it in place once it is unbolted from the trans. Still thinking it was for nothing, I then looked inside the governor to see if it was clean and to pull the piston out. It seemed relatively clean, but the piston was stuck. Eventually it came out.
We are all familiar with the metal paste that develops all over the surfaces inside the trans. Well it is this paste that had seized the piston.
I put the governor in a jar of gas and the clean gas turned into a paste cloud. Seems like clear design flaw that the natural debris will without question eventually jam the piston.