Those governors are simple and rarely go haywire. But...
You pretty much Have to pull the tin and radiator off the tractor to get at it. If you pull the governor cover off you should be able to grab the front pins on the bell and slide the bell in/out on its shaft VERY easily.
There is a small oil tube that comes out of the block under the governor/distributor drive that supplys it with engine oil.
The one I had go bad had a lot of waxy buildup in the engine and that oil line was plugged
so the bell shaft did not slide in/out properly. In your case I would at least loosen the connections on both ends of that little oil line and wiggle it to see if it leaks with the engine running. Don't remove the line as you need to pull the gov/dist housing off to remove/reinstall it and that's a much bigger job
I would at least check for oil at the tube before trying to adjust the linkage. Ford went from a 2 arm gov to a 1 arm gov sometime around when your tractor was built. The 1 arm is easier to adjust.
First photo shows the bell in place.
Photo 2 shows the bell in my hand and shaft that slides in/out.