If the inside of the governor housing is dry, you certainly have blockage in an oil passage somewhere. Please take this problem seriously. The life of your engine depends on it.
Oil supply from the governor to the pump is as follows: The governor receives oil through a short passage cast in the timing gear cover. [This passage also has a tiny hole into the gear cavity that sprays oil on the idler gear to lube the entire gear set in the front of the engine. If you have to remove the timing gear cover to pull out the camshaft, make sure the slot and hole are clean.] The timing cover gets oil through a hole drilled vertically up through the front main bearing bolt hole on the governor side of the engine. This vertical hole receives oil from a hole that is cross-drilled from the front cam bearing. The front cam bearing is lubed from the front main bearing oil supply. Oil for the front main bearing is supplied from another cross-drilled passage from the main oil gallery that runs along the oil filter side of the engine. This main oil gallery is fed directly from the oil pump and also supplies oil to the other main bearings, filter, and oil pressure gage.
To see if you have oil at the timing gear cover, remove the governor and turn the engine over (switch off) to see if oil comes out of the plate the governor bolts to. This supply is intermittent due to the camshaft slot so if any oil comes out at all after about 10 seconds of cranking, the supply to the cover is OK. If oil drips out then the governor housing passage is plugged. It may even be that a homemade or broken gasket is blocking oil flow into the governor. Since you have the governor off, look in the hole that the governor gear comes out of. You will see the idler gear teeth. If they are dry, then you are not getting oil to the timing gear cover. If you still don't have oil here, it will be time to start removing parts. However, you still won't have to strip the block yet.
Next, remove the distributor/magneto drive. You will see two 1/8" pipe plugs with hex-shaped holes for taking them out right behind the plate. Remove the top plug and crank the engine again. If there is oil here and none at the cover mentioned in the previous paragraph, you have eliminated all but two holes. Getting to these, though, will require dropping the pan and also removing the camshaft.
The least troublesome of the two is to remove the oil pan and take out the main bearing cap bolt on the governor side of the engine. Run a wire up through this hole as far as it will go. This hole runs clear up to the top mounting flange of the timing gear cover so you will have an idea of how far it should reach. If you have a small brush to run up there you will break more sludge loose. Wash the hole out with your favorite solvent if possible. You should be able to blow air up through the bolt hole and have it come out at the plate the governor mounts to.
If you still suspect the cross-hole is plugged, you will have to remove the camshaft and clean out this passage. I know of no easy way to get to it.
Sorry about making such a long post. The Service Manual covers the oil system and has a diagram and description of the oil system. I recommend purchasing one.