I'm new here, but a governor does many things, including keeping the engine at a SAFE operating speed. Removing the governor is fine, IF, you replace the stock flywheel with a steel billet, replace or rework the crank, etc. When that stock flywheel comes apart, and it will sooner or later, the damage it will do is remarkable. You might think losing a leg or life is fun, but the innocent bystander might have a different opinion.
As for the above comment about safety at 5,500 rpm, be cautious, I've seen pictures of flywheels that came apart well below that speed. 4,000 rpm would be a much more reasonable number unless you're made the appropriate modifications.
Dale, likes to go fast, but also likes to stay in one piece.