Alright, so I have replaced all the carburetor gaskets (including the spacer) and it still runs the same. I didn't replace the carb, but I soaked it in some B-12 Chemtool and it seemed to clear out a lot of junk. Now, the only problem seems to be with the governor.
I tried adjusting it, but it doesn't seem to have much movement on its shaft. Every time I start it, it just starts revving insanely high (it sounds like it's about to shoot the piston right out). I tried moving the idle down some with the governor, but nothing happened.
How can I adjust this governor? Like I said, this mower is a bit of a pain with all the arms, springs, and linkages. Way too complicated for a lawnmower.