An improperly seated governor can also cause variations in speed.
When the motor is fully run down, check to make sure that the governor assembly is not seated to loosely by moving it back and forth in the directly of the bearings or collars.

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There should be just a hint of movement or shake, but no more. (Just enough to ensure that the governor will spin freely.) If there's back and forth movement of the governor, unscrew the screws holding the bearings in place, and reposition them. That's also a good time to put a drop of oil into each one. Once everything is back in place, make sure that the screws are tight so the retaining bearings/collars don't slip.
HTH,
Joe