I purchased a tachometer and hooked it up. It appears the engine is running fast. When I check Table 1 (Section 5, pg. 28) for a 21" inch lawn mower blade, I should be running 3,250 RPMs. However, I'm getting a much higher number on my tachometer, generally from 5,500 to 6,000 RPMs before it starts running rough and dies.
If I'm reading the documentation correctly, I have a Pulsa-Prime carburetor (Section 3, pg.4: Fig. A; and Section 3, pg. 7), and it doesn't appear to be any adjustments on the governor. Since, linkage and spring are worn, I'm going to order new parts to ensure those are working properly.