I wouldn't recommend removing the Gov.
Most all of these trucks are equipped with very low(slow)
Rear Ends. Won't take much over revving to spin a Rod bearing or worse.
A well maintained,good working Governor is a must.
Just my opinion.
The little wheel on the right of your picture should have a seal wire through it.
You rotate the wheel to increase or decrease Max. RPM.
Use a tach/dwell meter to set at factory spec's.
TGP