clean the carb first and make sure the airfilter is clean;
also you might want to check the exhaust... we've seen rats nests in exhausts already.. but just carbon deposit and gunk can throttle the engine power down significantly.
While you're at it check that the transmission belt is in good working condition as well.
Fresh fuel, maybe even a fresh spark plug and you might find that good maintenance is worth more than halfhearted modification.
(which in fact require a full maintenance as well! so let's just start with maintenance only

)
If you still think the engines power is less than it should be
the cylinder might be worn, or there's a small leak in the cylinder head gasket (loosing compression)
So check compression ratio, check valves to be clean and sealing properly, and if that does not solve your issue check the head from the inside.
IDK how old that tiller is, but esentially, if it hasn't seen several hundred hours of runtime so far.
I doubt it's worn (maybe carbon deposits preventing a valve from sealing *shrugs* but not much worse than such thing)
And if all maintenance leads to no improvement...
then you might want to consider a modification ..
more rpms is not a good idea on a tiller IMHO (balanced blades and such) sooo
I'd leave the governor untouched tbh (at best readjust it to stock specs in case it rattled loose in the past)
but maybe a high flow filter and exhaust and a slightly bigger jet to have a tab more oomph per stroke could do some good.
Maybe a thinner head gasket to improve compression a tiny bit
(and add just another ounce to the boxing glove)
but really no high speed power mods just the low down improvements. (IMHO!)
'sid