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Over-revving sounds more like a missing or damaged governor weight (or two). If the little thrust bearing is bad, that can cause problems, or if it has been run too long that way, the fingers on the weights, or the fork may be badly worn. You're gonna have to take a look inside the governor. As I'm sure you're aware, the governor is timed to the timing gear so that the slot that drives the mag (or distributor conversion) is in correct correlation to the position of the crankshaft. Before removing the ignition system, or the governor, rotate the engine unil it's on #1 firing position, and note the position of the rotor (distributor or mag). DO NOT rotate the engine from that point though the duration of the governor repair. After removing the distributor or mag, note the position of the drive slot, at the back of the governor shaft, so the governor can be reinstalled with the slot at that position.
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