(#1): I made the mistake of removing the governor arm from the governor shaft (pinch bolt connection) sticking up out of the top of the case, and trusting the cotter key that's under that connection to keep the governor shaft from slipping down into the case. Of course the cotter key vibrated off, of course the shaft slipped down, and of course the shaft got hit, bent, and jammed by the crankshaft counterweights. Fortunately the shaft stayed jammed there and didn't fall down into any other moving parts.
(#2): Had to order a gasket set and open the case of course. If I had just decided to remove the governor guts in the first place and not take a chance on a possible catastrophic failure, could've saved me some grief. You'll take that same chance if you run the engine ungoverned with the OEM guts still in there. Excessive rpm's can sling that stuff apart. It's easy stuff to remove if you don't try and do it from the clutch side of the case like all the YouTube videos show folks struggling with. If you pull off the flywheel on the other side, you can just punch the governor gear into the case from there in 2 seconds.
(#3): If you run ungoverned with the OEM flywheel you take the chance of it exploding, and folks have been killed in the world by less than that. It's the main point of billet flywheels. While replacing it, you punch the governor in as in #2 above.
I got the fear put into me, so I'd personally never leave the guts in there if ungoverned, but you do you. I will say this, if you don't change out the stock valve springs (10.8 lbs. on Predator 212's) for stiffer ones (I've got 22 lbs. now) the valves will start to "float" at a certain rpm and not let the motor rev any higher because of that. On a Predator 212 it's 5,200 - 5,500 rpm.