I had a 350 trans that I rebuilt and had it sitting on the floor of an unheated garage for a
couple of years before I put it in my pickup.It
wouldn't shift out of low,so I pulled the governor out and it was fine. Next I dropped the pan and removed the valve body,everything looked O.K. Finally I took the vacuum modulator out and found the modulation pin didn't move freely,took it out and found a small amount of surface rust
on it. Polished with a piece of emery cloth and
reinstalled it. It worked fine. I live in an area that is humid and suspect over the 2 years it had condensed some moisture on the pin. I'd
still bet on the governor having problems,but
thought I would mention this.

Arnie