You can get a timing key that's cut to provide about 8 degrees of advance, for a bit more power. The jet I use now after doing what I've suggested is the 35. The stock jet runs too lean once the air filter & exhaust are pushing more air into the motor, anything fatter than a 35 was too rich with my setup, but I'm at 2600' elevation in mostly dry air here in Tucson, so your air density may vary based on altitude & humidity.
I did a very slight mod to the governor but it still functions correctly & won't pull over 4,000 rpms with my ride. Until you change out the rod & flywheel, you can hurt the motor (or yourself) beyond repair with the factory rod & higher rpms. It's the weak link & should be one of the first things done once the governor is removed. The cast iron flywheel isn't very good either, so just do both at the same time or leave it alone.
A friend didn't do the new rod last week, he added a cam, flywheel & springs, then blew his motor up when he ran higher rpms when it was still newly built. Took out both the block & his new cam, so do what you want, but don't go cheap on parts. Read about what needs to be done, buy good parts & learn from other people's mistakes if you can...
Just sayin' to leave the governor alone until you have done a lot more research & have found out how things work. Education can be very expensive.