Agree with KnottyRope, sounds like the governor needs further investigation if the engine speed is all over the lot. Thats a pretty common trouble spot on those engines. Certainly check the easy things first (linkage, throttle cable, make sure the spring is in the right hole) and make sure there isn't any binding or slop, but it sounds like a governor rebuild is on the horizon.
Don't want to get this thread off topic, but WD-40 doesn't have any water in it. WD stands for 'water displacing', matter of fact. And I think the 40 is because it took them 40 tries to find the right formula for corrosion inhibition that they were looking for. I actually fixed a lockset a few weeks ago with a rag and a can of WD
It was bone dry on the inside like it came from the factory with no lube at all, and full of metal dust and just needed a quick clean and lube and it was back in action.