Grab the governor arm and see if there is any resistance when you push against it with it running. If there isn't any resistance or if you can not see the arm moving at all then I'd say you might as well take the timing cover off because your governor inside has slung apart. As far as the bumper screw it could stop the governor from working if it was screwed to far in but you can take that screw completely out and the governor will still function. It's only there to help with a surging problem if there is any.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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