Thanks Skinner, any ideas on the seal for the governor/magneto shaft? The way the left handed nut threads on there, it gives me the impression that it's a gland nut that secures a packing but I might be wrong.

You are correct on the nut it has packing behind it. Have you tried to tighten it? You can wrap more packing on the shaft. I’ve had good luck with graphite impregnated packing but any packing should work. Just loosen the nut and wrap more around the shaft. I tighten it with the engine running just be careful. Skinner 

Thanks Skinner. I did try to tighten it (after I backed it off) and it seemed to leak worse than before. I'm familiar with packings from working on irrigation pumps as they use a packing rather than a mechanical seal. The packing won't be as readily damaged as a mechanical seal would be in the event the pump runs dry for a bit. I'll get my packing removal tool and see if I can get the old packing out so I can determine the size and start fresh with new packing. I think the key to tightening any packing is just tight enough that it doesn't leak, and not a bit more. In fact, on an irrigation pump we prefer that it drips a bit but tight enough that it doesn't spray, but it's just harmless water. As for the throttle shaft, I'll dig into it a bit more. I've done a bit of leatherwork in my time so I'll try it, if I get in over my head, I'll turn it over to Zane.