The fellows have the problem down. It is the governor damping ring falling apart. The small pieces of rubber plug the pump up inside. The repair kit is less than $50 but you have to have a few special tools and the knowledge to replace it. I replace the governor gage with a solid one that does not have the dampening ring in it. I have done that for thirty years an never had any issues.
The first picture is one of the replacement governor ring.
The second is of a dampener ring that failed.
Email me. I rebuild them but It would depend on where your at. Usually you can find local guys that can replace the dampening ring. You do not have to set any fuel metering adjustments. So if it was running correctly before it just needs cleaned out and the ring either replaced or the new style gage.
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