Thank you for the diagram.
I am still not sure that I fully understand. Hot bulb/semi diesels are generally not very sensitive to injection timing. The lever system in the bottom right appears to limit the return stroke of the pump which would control the injection quantity but would also affect the timing.
I am more familiar with the Lanz system which has a similar looking governor but the weights rotate an eccentric sleeve inside the main eccentric that controls the pump stroke. Engine speed is controlled by a wedge between the eccentric rod and the injector plunger.