Ask around and get others' opinions besides just mine, but I recommend against removing the governor if you're not going to replace the piston connecting rod at the same time, good chance of catastrophic engine failure without it.
Also, if you don't replace the valve springs, your flywheel will probably be okay, the OEM springs will start to float around 5200-5500 rpm and not go any higher. But if you do put in stiffer valve springs to get more rpm, I absolutely recommend replacing that OEM cast iron flywheel with a billet flywheel to prevent a catastrophic explosion. An 8" diameter flywheel has the outer edge moving about 187 mph at 7,000 rpm, and those chunks of iron will pass through the engine shroud like soft butter, and then through a skull like, well, I don't know, I don't want to know.