its actually easier than that. on the linkage arm there is a screw that locks the arm itself to the pivot, loosen that, and rotate the pivot counterclockwise (leaving the arm in the same postion) by just a few degrees.
you are correct, internally it is just a centrifugal flyweight that pushes out against that pivot arm that runs inside the engine. The flyweight and arm are separate from each other internally. You don't want to go too far though, you still want the arm to be as close to getting pushed back by the flyweight as possible. some of the reasons for that is if the pivot gets too far out of whack you can have throttle return issues, so when you are messing with it make sure that the linkage between arm and carb stays loose and does not want to catch or kink.
another reason is if there was an internal failure of the governor gear/flyweight, having the arm there should help keep the pieces on the shaft they ride on.
If you were to pop the cover off and pull the governor assy out (to take it out of the equation all together) or you do override the assy all together and use a different cable and return spring setup like you are thinking, you need to make sure to leave the pivot bracket on the arm that goes through the engine and verify that it will stop against the case before rotating more that 45 degrees or so. the arm can come into contact with the cam if left to just float around in there.
not the best pic but you can kinda see what I mean on one of my old Rupps that had the Dellorto conversion done to it, the pivot will stop against the ear on the block.
