I think you are dealing with a worn out governor. The pins that the weights pivot on are worn, as well as the holes in the weights where the pin fits. Could also be some wear that prevents the fly-weight assembly from moving freely. It can all be fixed. The best way is to buy a governor kit if you can find one, but you won't like the price. Another option is to find a governor that is in better condition, but you won't know if it is better until you install it. I guess option 3 is to remove the governor from the tractor, set it on the work bench and take it all apart, find the badly worn areas and figure out how to fix it. 1/4" shoulder bolts of the proper length CAN replace those worn pins, but you'll need to drill out the holes in the weights a tad so they'll fit. With enough determination, you can get rid of most of that surging, but to get it to operate perfectly might be another story.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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