I haven't worked on a Cub, but these engines all have feedback systems built around spring tension. I saw a video where the engine had the tension poorly set on the governor arm coupled with some loose connections to the linkages that was creating some kind of a cyclic feedback loop. The loose linkages allowed for too much play and the loose spring allowed the governor to "bounce" and the timing would lag behind the carb's reaction. The engine would then starve, then surge, then starve, very rapidly. I don't know if it's correct, but its such an easy thing to check for I figured I would mention it. Sometimes, on the composite plastic arms, the metal links wallow out the hole it goes through until this happens.
Good luck!