Yes, if you are intent on that carb, get both rod and flywheel, but without a cam you will have minimal gains...and may actually make it run worse! What is your goal on this motor?
these engines are really easy to work on...not a lot of parts! The rod is not a big deal. You do have an "inch pounds" torque wrench...right? You will need to torque at minimum the rod bolts! BEFORE you buy a rod, take the head off and measure how far down in the hole the piston is. ARC makes different length rods to get you to zero deck. You have calipers...right? And while you are going that deep, you may as well do the cam and springs. Why go that far into without those...right? And while the valves are out for the spring replacement, why not clean up those ports a bit?
Once you pull that engine all apart, pull all of the governor bits out of there. I knock the pin through the flywheel side and tap the hole 1/4-20 and loctite a button head allen screw in. Do the same at the top of the case. Pull the low oil sensor out and plug that hole too!
See? It's like wipin' your a$$ with a wagon wheel, it never ends! Typically one mod leads to another, which leads to another....etc. Set a budget and a performance goal and do what ya can. It's just money...right?