What makes you think it is running too fast? By how it sounds? If that is the case, just about every chipper I’ve worked on sounds like it is running too fast, because you are spinning a 25-35 pound or heavier wheel with cutting teeth on it. On a Craftsman unit I suspect the RPMs should be around 3200 RPM’s, but you will either need an experienced mechanic to listen to it or a tachometer, when adjusting the governed top speed. Give us the make and models numbers of the engine, then we can see if a serv manual is available.