VAI engine questions

We picked up a VAI in pretty good shape, had a slight engine knock, and sure enough, it has a spun #4 rod bearing.

I took the head off, and pulled the pistons. Here's the tale of the micrometer:
On the crankshaft journal surfaces: #1: 1.930-1.934..... .#2: 1.929-1.930
#3: 1.930-1.934..... .#4: 1.925-1.934

#3 surface has a small groove worn in it, in line with the oil hole. I assume a metal chip got stuck in there and wore that groove. The bearing, of course, took most of the wear. All of the connecting rods measure 2.065" +/- .001, even #4. #4 rod surface and journal surface are nicked up a little, but not severely gouged.

Someone already had a reply to an earlier post, saying that the journal diameter was supposed to be 1.937, and the running clearance was .0015-.002

I still have to inspect the oil pump. This tractor will be used for light- to moderate-duty use, once or twice a week on the average. I may increased its HP a little by playing with the governor and carb, but nothing too extravagant. We don't want to sink a huge amount of bucks into this, but we also don't want to do this again in two-three years.

Questions: Do we need to pull the crankshaft, and have it machined?

If we don't pull the crankshaft, will emery cloth, or something else, clean up the small nicks in the journal surface and rod surface, or do I need to have the rod machined (as well as the crankshaft)?

On the block, I was going to hone the sleeves (they look okay), and replace the rings. There wasn't any water in the oil that I could tell. Anyone have any experience for other stuff I need to look out for? Do the piston diameters generate any problems? (I haven't miked them yet)

Lastly, I noticed that the governor, when disconnected from the carb and thottle lever linkage, has no spring in it whatsoever. Should it be totally free to move from one side to the other, or should it be spring loaded to return back to full open of the throttle? It was acting a little funny re: the governor the short time I had it running, so I am questioning this. If something is messed up, now's the time to fix it!

Thanks much in advance...

We just went through this on a 1370...a lot bigger beast, but a similar failure.

The 1370s, I've been told by several folks, run the crankshaft near the max stress it'll take, so it isn't advisable to grind the crankshaft down under .020 (or get the crankshaft welded by conventional means). Is this the case with a VA crankshaft?

Am I correct in assuming that we'd grind only the worst journal to .020, and the rest to .010?

As usual, thanks in advance