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I just replaced a blown governor on my 20 HP twin B&S engine and now I am in the process to adjust it and I am not quite sure how to understand the manual. My throttle is twofold. The first 80% of it is throttle and the last 20% of it pulls the choke. The manual says to turn the control swivel CCW to full throttle as far as it will go (see attached picture). Now does that mean the throttle portion ONLY ignoring the 20% of movement that is allocated to engage the choke or do I pull as far as it will go and that would include the portion pertaining to the choke????

You hold the governor to throttle linkage to fully open the throttle by hand, not using the throttle control. Then you adjust the static governor.