Sounds like the flyweights are "hanging up". Check the rod from the governor control rod to the carburetor first. With the motor off you should be able to "flip" the throttle open, and then it return back on it's own. If it sticks, lubricate/ adjust it so it's free. If that's not it, and if you are REALLY careful, take all the linkage and spring off the governor control rod. Hold the throttle shut by hand, start the engine. Then hold the GOVERNOR ROD with your free hand to the full throttle position. Open the throttle plate JUST A LITTLE. DO NOT OVER REV, and see if you feel the flyweight pushes against you on the control rod. If not, take the motor back out, pull the pan and see what's going on. Just don't let it "get away" from you.
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