It seams like that would severely limit the engines potential power output considering most engines unloaded would hit redline at about 1/4 throttle, the engine would bog down and die as soon as you hit a hill. There's a reason why governors are as complex as they are, it's so that the engine can have wide open throttle when it experiences a load and shut down the throttle once max RPMs are reached. I'd say your best bet to keep your RPMs out of the danger zone and still have power would be to set up a bike speedo on your engine as a tach. and just monitor your engine speed.