I would make sure you can force it over the detent(Hard Spot) just at the bottom of it's travel and go from there. Then make sure all the internal linkage is put together correctly and you can force the rack to fuel off when it goes over the detent. Incorrect speed adjustment will not cause a RUNNAWAY. A runnaway is cause by the rack sticking in full fuel and the governor not being able to pull it back or the rack coming disconnected from the governor. The throttle lever controls the spring pressure on the flyweights and can force the rack off. The spring pressure and flyweight forces ballance to position the rack as to maintain engine speed under varying loads. At start up take the precleaner off and keep a piece of plywood handy to choke the intake incase anything goes wrong.
Later Bob