As Fabroman said, the connecting rod will most likely break before the flywheel does. I would recommend changing both the connecting rod and flywheel if you remove the governor.
I just finished these same mods to my Predator engine this weekend. To me, probably the hardest part was removing the governor. Had some issues with installing the connecting rod, as I broke one of the bolts on the rod cap, but I was able to fix it with new bolts. Installed 22lbs valve springs and the billet flywheel (ARC with 8º advance).
It was a simple job with the right tools & materials. Besides a socket set, you'll need a small torque wrench (1/2˝ Dr. will not fit inside the engine case), ring compressor, 2-3 JAw Puller (helps on flywheel removal, harder but can be done without), some rope (trick to filling the cylinders when changing out the valve springs) ,feeler gauge to set valve lash and timing on flywheel, and some assembly lube. Impact wrench helps in getting the nut off of the flywheel easier.
This site:
http://www.affordablegokarts.com/
has some good walkthrough tutorials on Predator engine mods.
And there is a sticky thread on Predator mods in the engine category that has some of the torque specs that the above site fails mention (like head bolts and flywheel nut).
I would keep shopping around... maybe just do the air intake and exhaust. Or if you want to remove the governor, then get a billet connecting rod, flywheel, and stiffer valve springs.