i noticed a pin holding the gov component on the outside of the case. i think this may be to prevent the parts from falling into the crank case. its a little pin like you use to hold remote control bodies onto their frames.
i believe that may only be the pin the hold the shaft that holds the components, either way it is much safer to remove it as a whole. here is a guide on how to remove all the peices http://www.diygokarts.com/vb/showthread.php?t=7036
FWIW, back when we raced Tecumseh 3.5hp and 6hp engines, we bypassed the governors on the outside by replacing the spring linkage with a solid rod. I don't have a pic to explain, but if you look at how the governor operates, you may be able to just put a solid link in place of the spring and be fine. Also, if your surfaces are nice and flat you can get away without gaskets by using RTV silicone sealant (avail. at O'Reilly's or similar). Have fun!
...and lastly, to save wear from steel bolts going into the aluminum head and eventually pulling the threads out, you may want to install studs in the head by using a fully threaded bolt with the head cut off and ground smooth and the threads re-established. You can put a double nut in the middle/top and thread it down into the block with red loctite, then when it's set remove the double nut and install the head as normal. Use a nut to retain on the new studs, torqued as recommended. Saves on the block. Just don't overtorque and pull the aluminum threads out. (But if you do, see: helicoil.)
Without removing the governor innerds, you will still have the governor gear turning. Gov. gear explodes from more r's, then you will be doing more than gov. work, that is fit does not explode the block. Be sure to take the gov gear thrust washer out, as they tend to stick to the block. Before pulling side cover, clean up the crank end and before replacing install a new seal. also check and see if there is a thrust washer on the cam. Mr. Hamilton, how do you propose to set the crank end play using RTV sealant and I am going to assume that you meant to say Alum block instead of Alum head?
yea, i am definitely going to take the inside components out. is the crank seal the bearing on the crankcase cover? what do these thrust washers look like?
Yes, I meant block. There's a variety of ways to set crank endplay, ranging from spacing the bearing in, adjusting the gasket thickness, thrust washers, etc... Easiest in this case to keep stock and get replacement gasket, probably.
It's inexpensive for a reason. I've hardly used the 1/4" version I have, but I used the 1/2" one for a few months at work and gradually chipped away at all the teeth on the ratcheting mechanism until it wouldn't work any more. I've been borrowing my coworker's SnapOn wrench since that happened
1/4" will work fine. The problem I see with most people that have a torque wrench is they never have then calibrated. I have all three of mine calibrated once a year. To calibrate, cost of couple of dollars, but to me its worth it.