The problem with the governor is the ball cage breaking apart. If there are no cracks at the thin point between where the balls run, then it's ok.The oil pressure is running at a concerning low pressure. I suspect the crank is probably worn beyond the service limits. Without measuring the journals it is impossible to know. I would be very careful trying undersize bearings without measuring first, as the journals tend to not wear round, which will cause the bearings to run too tight on the part that is not worn. Too tight is worse than too loose. If you didn't see anything unusual going on with the bearings, I would put it back together, finish the season, make plans for a complete rebuild when time and finances allow. In the mean time try some 15w40 diesel engine oil. Also you can temporary a known good gauge, possibly the dash gauge is not reading correctly. Safety wiring the main bolts is personal preference. I don't do it, never had one come loose. Don't see how wire could do anything but maybe contain a loose or broken bolt, by then it's probably too late.
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