One other thing you might check is the linkage rod where it meets the bracket bolted to the head. That block and pin that has the springs on each side (the assembly lets you adjust the throttle (governor)control arm position)will sometimes gouge out a spot on the linkage rod and stick. Although from your description, it sounds like you have more than a sticky linkage.
The H governor is a pretty easy rebuild, although it can be pricey depending on what you need. The weight pins are a common problem and if you can wiggle the weighs a little on the pins as you say they need to be replaced. These are still available from your IH supplier at a reasonable price. You may find that the weights are worn as well - these are also available from the dealer, but sit down before they tell you the price. I think that the last set I bought for a friend was $125. I would also recommend that you put in new bushings and maybe the bearing as well since you have it apart. You can get these cheap at any bearing house.
I think the thing that fakes people out when they check the governor is that they detect only a little slop in the parts and think that such a small amount of movement can"t have such a big impact on the throttle response, but it sure does. If you rebuild yours, you"ll be amazed at the difference you"ll see.
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